ESCA member Schweitzer Engineering Laboratories, Inc. (SEL) moved up in the annual rankings of top 100 Employee-Owned companies in America. The rankings, compiled by the National Center for Employee Ownership, saw SEL move up 18 spots to number 34. Companies must be at least 50 percent employee-owned by an Employee Stock Ownership Plan (ESOP) to be considered for the list.
SEL became 100-employee-owned in 2009, so that the company might better “sustain growth, stability, and customer focus.” The company serves the power and utility industry from design to manufacturing, installation and technical support. SEL is recognized for its commitment to “making electric power safer, more reliable, and more economical.”
Chief Operating Officer Luis D’Acosta says that the S ESOP structure “allows us to put our customers and employee-owners first and focus on the long term growth of the company, rather than on quarterly profits and reports to shareholders. Everything we do is enhanced by employee-ownership.”
It’s not just employees that recognize the benefits of the employee-owner model. On a recent visit to an SEL facility in Lake Zurich, IL, Congressman Peter Roskam (R-IL-6), the House Chief Deputy Whip and Ways and Means Committee Member, spoke highly of S ESOPs and the retirement savings they provide to their employee-owners, noting that “ESOPs are a huge success.” Congressman Roskam also received a tour of the manufacturing plant, learned more about SEL and the products and services it provides for power systems around the world, and spoke with SEL’s employee-owners.
ESCA is proud to congratulate SEL on their new ranking and on their continued excellence.