Jasper Holdings, Inc. has announced that the value of their Employee Stock Ownership Plan (ESOP) has reached a new record high for 2023. The announcement was made by the company's Chairman and CEO, Doug Bawel, who shared some great news for the Associate-Owner Shareholders on April 30.
Despite a turbulent year marked by inflation and increased interest rates, the company achieved an all-time high price of $1,123.90 per share. This represents a 28.7% increase, or $250.42 per share, based on the company's performance and market conditions.
How the Employee Stock Ownership Plan Helps Associate-Shareholders
On average, Associate-Owners added an extra 19.7% of their 2023 compensation to their ESOP accounts through new share allocations and forfeitures, which is in addition to the increase in their existing account balance of 28.7%. Bawel shared that the ESOP has been a game-changer for the Associate-Owners in their retirement strategy.
Jasper Holdings, Inc. currently has a total of 3,332 active Associate-Shareholders, and in the past 15 years, the company has distributed over $609 Million of stock. Out of this:
1,735 Associate-Owners, or 52%, have more than $50,000 in stock
1,236 Associate-Owners, or 37%, have over $100,000 in stock.
The company also has a matching 401k retirement plan with over $315 Million invested in a Fully Funded Trust Fund, with a match of $6.9 Million in 2023, which is another all-time record.
Bawel said that the company's market capitalization is now in excess of $1.6 Billion, which is a $361 Million increase from 2022. In just 15 years, Jasper Holdings, Inc. has grown to be the 33rd largest ESOP in America.
Bawel attributed the company's success to its Associate-Owners and their commitment to "Do it Right" in these challenging times. The company's focus has been on improvements in Safety, Quality, Productivity, Customer Service, and Reduction of Waste.
The company is grateful to its customers who have been patient through these material and labor shortages.
