JASPER, Ind. – Sixty-eight-year-old remanufacturer Jasper Engine and Transmission has announced the transfer of 100 percent of its stock to a newly formed company — Jasper Engine and Transmission 100 Percent Employee Stock Ownership Plan (ESOP).
Jasper owners/managers sold their shares in the company to the company’s 1,471 employees. On an annual basis, all full-time Jasper employees will earn shares of stock based on their compensation levels.
President and CEO Doug Bawel, said, “We are so proud of what our associates have built the past 68 years. We wanted to have a method to reward our people for their efforts, preserve the jobs in the communities of Southern Indiana and Willow Springs, Mo., along with passing along the Jasper legacy. It was a natural fit and the right thing to do.”
Bawel noted that the company’s benefit and pay package remains unchanged, including Jasper’s successful quarterly bonus and 401k profit sharing plan. "This 100 percent Employee Stock Ownership Plan is an additional retirement benefit made available to all full-time associates throughout all subsidiaries of the country," Bawel noted.
“This ESOP, unlike most ESOPs, is 100 percent financed by the shareholders,” he added. “We want our associates to know the management team is going to be very active to make sure our great company is poised for generations to come. We are excited to be a part of this transition and legacy. Our customers will continue to experience the highest quality products and service in our industry.”
Jasper had manufacturing facilities in Indiana and Missouri with 40 additional branch locations around the country.
