Jasper Engines honored for employee stock ownership

From Local Sources

JASPER — Jasper Engines & Transmissions has been named ESOP (employee stock ownership plans) Company of the Year for 2018 by The ESOP Association, Indiana Chapter.

“We are truly honored to receive this award,” said Doug Bawel, Jasper Engines chairman and CEO. “We have 2,900 Associate-Owners who are very proud of their 75-year company, and this recognition is all about them.”

The ESOP Association is the largest employer-sponsored advocacy and education association in the United States. Founded in 1978, the association focuses on employee stock ownership plans and seeks to enhance federal laws governing ESOPs, provide members with expert information, and fund research via the Employee Ownership Foundation.

Jasper Engines has seen immense growth since the inception of the ESOP in 2009. In 2010, the company had grown to approximately $280 million in revenue, and approximately 1,800 associates nationwide. In the last six years, Jasper Engines conducted strategic acquisitions within the automotive industry that allowed the company to grow and prosper. It also expanded its remanufacturing facilities in Jasper and Leavenworth, as well as Willow Springs, Missouri.

Today, Jasper Engines has 2,900 full-time Associate-Owners, with revenue in excess of $608 million. The company’s ESOP stock has grown in six years from $2.30 per share to over $220 per share at the end of 2016.

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