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 The Federal Government devised the Employee Stock Option Program, or ESOP, to encourage productivity and ownership in American business. The concept is to put the financial benefits of ownership in the hands of the employees who make the business work.
Our owner and CEO decided that after more than 30 years of successful growth and development, it was time to move on and sell the company to the employees. Chardon Laboratories became an ESOP company in 1996 and has enjoyed continued growth and success throughout the transition in ownership.
As the subtleties of ESOP became clear to the employees, productivity and quality of service improved steadily. Our dedication to service and results grew even stronger and Customer loyalty reached new heights. Coming to work each day takes on new meaning when you own the company. We are proud of our ESOP.
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10 Largest Publicly Traded Corporate
ESOP Association Members - 1999
(Ranked by Number of Employee Participants)
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Company
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Number of Employee Participants
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| BellSouth Corporation |
80,000 |
| United Airlines |
71,000 |
| AlliedSignal, Inc. |
70,000 |
| Merrill Lynch |
45,000 |
| The Procter & Gamble Company |
35,000 |
| United Technologies Corporation |
31,000 |
| National Health Care Corporation |
16,264 |
| DynCorp |
16,000 |
| Lowe's Companies, Inc. |
12,000 |
| Ruddick Corporation |
8,303 |
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Here are some interesting ESOP Statistics:
- There are approximately 10,000 ESOPs in the United States with 10 million employee owners. This is 10% of the American workforce.
- About 1,000 ESOPs, or 10%, are in publicly-traded companies. These companies employ more than 50% of the nation's employee-owners.
- Approximately 1,500 ESOP companies are majority-owned by the employees.
- Approximately 500 ESOP companies are 100% owned by the employees.
- About 4% of ESOP companies are unionized.
- In 1994, U.S. ESOPs owned $222 billion in corporate assets.
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