Procter & Gamble set up an employee ownership plan in 1903 that allowed employees to buy stock for a 2.5% down payment, with the rest borrowed from the company, but repaid out of profit sharing (a 12% or more "dividend" on wages available only to those buying stock).
Thirty-nine years ago, we held our first annual conference. We had 175 attendees, including my uncle Bernie. Last year we sold out at over 1,900; this year, we were on track to sell out even sooner at over 2,000.
In a story we at the NCEO hear surprisingly often, ESOP-owned Parksite is acquiring ESOP-owned Atlantic Plywood Corp., both of which are in industrial wood products.
Employees have completed a $810 million transaction to purchase Appleton Papers from the French holding company Worms. The Appleton, WI company is the world's largest supplier of thermal and self-copying paper.
Employee-owned Republic Engineered Steels has agreed to be purchased by Blackstone Capital Partners and Veritas Capital Partners in a $420 million transaction. Republic, which is listed on the NYSE, is 54% owned by an ESOP.
