SJE-Rhombus has been named the 2017 ESOP Company of the Year by the Employee Stock Ownership Plan Association. The award was presented to SJE-Rhombus employee owners at the annual ESOP Association Conference in Washington, D.C., on May 10th.
“Receiving recognition as the national employee-owned company of the year is an honor,” says Dave Thomas, CEO and president of SJE-Rhombus. “This award showcases our workforce’s commitment and dedication to supporting the growth and success of SJE-Rhombus.”
SJE-Rhombus was one of 18 finalists being considered for the award. To date, there are approximately 2,900 ESOP companies in the U.S.; only about 1,000 of those are owned entirely by employees.
Founded in 1975, SJE-Rhombus has expanded to $90 million in sales with a total of nearly 500 employees and eight locations globally. Seven U.S. locations participate in the ESOP program. SJE-Rhombus began its journey as an ESOP company on Nov. 1, 1987, becoming 100-percent employee-owned in 1998. Founder Steve Johnston initially established the company as an ESOP to reward the employees who helped spur the company's growth.
As an ESOP, SJE-Rhombus employees have a vested interest in the success of the company. SJE-Rhombus employee-owners are working partners. Every February the company reveals the latest stock price at a special event dubbed "ESOP Week." During the week, the CEO and CFO visit each location to conduct shareholder meetings, present stock certificates, and conduct interactive meetings in which employees can ask questions and learn about the potential value of their stock five, 10 and 15 years in the future.
The company operates an Employee Ownership Activity Committee that is tasked with sharing the employee-ownership message. Today, employee owners from all seven of the company's U.S. locations participate in the committee.
In addition, SJE-Rhombus offers a scholarship program for employees' children, grandchildren and spouses. It sponsors a foundation and charitable fund program that donates to non-profits and philanthropic causes, and has won numerous awards for its wellness initiatives.
The company previously was awarded the Silver ESOP Award from The ESOP Association for maintaining its ESOP for at least 25 years.
SJE-Rhombus is a control solutions provider, with 40 years of expertise in pump controls for a wide variety of residential, commercial, municipal, industrial and agricultural applications. Based in Detroit Lakes, Minn., SJE-Rhombus does business globally from seven locations across the U.S. and Asia. SJE-Rhombus is a 100-percent employee-owned, privately held company. To learn more, visit www.sjerhombus.com.