United States Congressman Dave Loebsack Visits ESP International Headquarters
April 9, 2018 (Cedar Rapids, IA) – On April 3, ESP International, a 100% employee-owned company, hosted Congressman Dave Loebsack at their Cedar Rapids, IA headquarters. Congressman Loebsack represents Iowa’s Second Congressional District. The visit included a company tour and an informative ESOP discussion from members of the ESP Ownership Committee.
As a 100% employee-owned company, ESP International shared its great story with Congressional Representatives about the benefits of an ESOP and what it means for each employee-owner; and the positive effects on their company, community, and retirement.
Jeff Albright, President of ESP International said the company was excited to welcome Congressman Loebsack. “We want to share the story of each employee-owner and how it affects their everyday work environment and the benefits of working as an owner. Since moving to 100% employee ownership in 2012, it has been a critical part of the culture, and our success. The entrepreneur spirit is instilled in each one of our owners. It’s inspiring.”
ESP International will also make a trip to Capitol Hill to meet with Iowa’s Congressional Representatives in May. It is important that an employee-owned company educate their state’s Representatives on the importance of ESOPs to the US economy. Independent studies show that ESOP companies are four times less likely to lay off employees during a recession; employees of ESOPs receive 5% to 12% more in wages; and, on average, have retirement accounts 2.5 times larger than workers in non-employee-owned companies. (Source: www.esopinfo.org/infographics)
About ESP International: An ESOP company based in Cedar Rapids Iowa, ESP International has served the industrial OEM markets for over 45 years with in-house application engineering, component design, seal expertise, contract assembly and logistic and VMI services. With branches in Shenzhen, China, Chennai, India, and Dallas, Texas, ESP is committed to providing total support to all global service needs.