SEL Ranks 15th on List of Largest Employee-owned Companies in America
October 16, 2023 | SELEstimated reading time: 1 minute
Schweitzer Engineering Laboratories (SEL), a global leader in products and solutions that protect and control electric power systems, is the 15th largest 100 percent employee-owned company in the United States, according to the National Center for Employee Ownership (NCEO). SEL ranked 20th for companies that are at least 50 percent employee-owned.
The NCEO recently released its 2023 Employee Ownership 100, which ranks the largest majority employee-owned companies in the U.S. To be on the list, companies must be at least 50 percent employee-owned.
SEL has steadily moved up list, rising 29 spots since 2011. The ranking is based on the number of full- and part-time employees.
The Pullman, Washington-based manufacturer first transitioned to employee ownership through an employee stock ownership plan (ESOP) in 1994 and became 100 percent employee-owned in 2009 as part of its long-term strategy for sustained growth, stability and customer focus.
An ESOP is a benefit plan where employees are given ownership interest in a company in the form of shares of stock that are held in trust until they leave the company or retire. A recent study by the NCEO found that ESOPs are “associated with 92 percent higher median household net wealth, 33 percent higher median income from wages, and 53 percent longer median job tenure.”
“There’s no better way to build a successful business than by giving employees a real stake in the company,” said Joey Nestegard, chief business officer at SEL. “The ESOP model is designed for long-term employee engagement, employment and relationships with customers. It’s a model focused on long-term decision making in the best interest of customers, employees, supplier partners and the communities where we do business. Employee ownership creates the kind of stability that helps a business weather storms and leads to long-term growth.”
The companies on the NCEO list employ more than 685,000 people worldwide.
NCEO is a nonprofit organization that conducts original research and shares information about employee ownership.
Suggested Items
Lockheed Martin Australia, The Department Of Defence Sign Strategic Partnership Head Contract
04/26/2024 | Lockheed MartinLockheed Martin Australia signed a landmark AUD$500 million contract with the Department of Defence to build Australia’s future Joint Air Battle Management System under project - AIR6500 Phase 1 (AIR6500-1).
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
KLA Corporation Reports Fiscal 2024 Third Quarter Results
04/26/2024 | KLAKLA Corporation announced financial and operating results for its third quarter of fiscal year 2024, which ended on March 31, 2024, and reported GAAP net income of $601.5 million and GAAP earnings per diluted share of $4.43 on revenue of $2.36 billion.
SMC Korea 2024 to Highlight Semiconductor Materials Trends and Innovations on Industry’s Path to $1 Trillion
04/24/2024 | SEMIWith Korea a major consumer of semiconductor materials and advanced materials a key driver of innovation on the industry’s path to $1 trillion, industry leaders and experts will gather at SMC (Strategic Materials Conference) Korea 2024 on May 29 at the Suwon Convention Center in Gyeonggi-do, South Korea to provide insights into the latest materials developments and trends. Registration is open.
Taiyo Circuit Automation Installs New DP3500 into Fuba Printed Circuits, Tunisia
04/25/2024 | Taiyo Circuit AutomationTaiyo Circuit Automation is proud to be partnered with Fuba Printed Circuits, Tunisia part of the OneTech Group of companies, a leading printed circuit board manufacturer based out of Bizerte, Tunisia, on their first installation of Taiyo Circuit Automation DP3500 coater.