In 1992, the Lemberg family sold the company to its employees under the Employee Stock Ownership Plan (ESOP). An ESOP gives a “beneficial ownership” interest in the company at no cost to qualified employees. It is a retirement plan set up by Lemberg and invested in company stock.
In 1998, the ESOP trust became the 100% shareholder of the company. Through the ESOP, our employees become more and more vested in the company over time, making an impact on the stock value of the company with every decision, every project, and every relationship. We are careful to partner with a network of suppliers, vendors and contractors that model the same sense of ownership. We are motivated toward innovation and efficient, safe operations for the benefit of our ESOP, and our customers.
It is this dedication – this distinct sense of pride -- that creates success for our company. It defines our culture, drives our daily interactions, and shapes our customer experience.
We are proud to be celebrating 25 years of employee ownership in 2018.