C&J Blog Unlocking the Power of Ownership: C&J Industries' ESOP Journey

Back in 1962, Harold Corner and Dick Johnston launched their dream venture, Meadville Precision Tool & Mold, from a small garage. They quickly became well-renowned for building high-precision plastic injection molding components and quality injection molds. Their expansion into the medical and business machine markets fueled even further growth in the 1980s, prompting a new name-C&J Industries, Inc., in honor of the founders. The Birth of the ESOP The 1980s marked a turning point. When founder Harold Corner retired, Dick Johnston proposed an Employee Stock Ownership Plan (ESOP) to keep the company in trusted hands. Fast forward to 2016, as long-standing CEO, Dennis Frampton announced his retirement and disclosed that C&J's Board of Directors had sold their shares and created an Employee Stock Ownership Plan-making C&J a 100% employee-owned company. The ESOP accomplished two important goals: ensuring that C&J would remain in Meadville, PA, and securing a promising future for C&J employees. Why an ESOP? Empowerment in Ownership The ESOP at C&J is more than just shares - it's about empowerment. Every employee has a voice in the company's future. Major decisions, from business acquisitions to potential sales, require majority employee approval. In this model, C&J employees aren't just team [...]The post Unlocking the Power of Ownership: C&J Industries' ESOP Journey appeared first on CJ Industries.