Chesapeake Sprinkler Company became an ESOP company in 2000 (Employee Stock Ownership Plan) company. This gets back to our roots. The Company was founded by James R Anderson Sr. (1921-2012) to provide the opportunity of ownership. A way to achieve the American dream. Transitioning to an ESOP is how we pass that opportunity along to the people who help sustain this company at the level it is today and to help it grow into the future.
As an owner each employee is rewarded with shares of stock in the ESOPs. They are distributed every year and an employee’s share is directly proportional to their percentage of the total company payroll for that year. There is a vesting period. Once an employee is completely vested, they own the shares. They cannot be taken from them. ESOPs are regulated by the DOL. The ownership of the company becomes a retirement fund which owners can begin to access at the age of 55.
We are proud to be an ESOP. We are proud to provide ownership and stability to the people who help make us who we are. Collectively they are the fuel which drives our success and we are happy to provide them the opportunity of ownership.