Schweitzer Engineering Laboratories is now the 14th largest 100% employee-owned company in the U.S., marking a significant achievement in employee ownership. Meanwhile, local developments in Lewiston include plans for a new restaurant by the Rowdens and the opening of Jackman Tire, indicating local economic growth and entrepreneurial activities.
Schweitzer Engineering Laboratories (SEL) has been recognized as the 14th largest 100% employee-owned company in the United States, according to a recent report by the National Center for Employee Ownership (NCEO). The company, specializing in products designed to safeguard and regulate electric power systems, operates from its Pullman headquarters in Washington, employing approximately 2,750 individuals, with additional staff in Lewiston and Moscow.
SEL initiated its employee stock ownership program in 1994 and achieved full employee ownership in 2009, reflecting a concerted effort toward sustainable growth and stability. Employee stock ownership plans (ESOPs) allow workers to gain ownership stakes in the company through shares held in trust until retirement or departure, promoting a sense of investment in the company’s success. A recent NCEO study highlighted the benefits of such programs, indicating increases in median household net worth by 92%, median wage income by 33%, and median job tenure by 53%.
In related local news, a couple in Lewiston has announced plans to open a new restaurant in the space previously occupied by The Bait Shop Grill. Betsy and Jason Rowden, who have leased the building, aim to honor the legacy of the former eatery while introducing a new dining concept that will serve breakfast and lunch. They intend to launch in the spring of 2025, focusing on developing a menu and hiring staff.
Furthermore, Jackman Tire, a new tire business with ties to the Boise area, has opened its doors in Lewiston, taking over the former Donkey Den site. Managed by Meghan Garrett and her husband, Martin Flores, the business offers tire sales, installation, alignment, and maintenance services for various vehicles, alongside a mobile service catering to semi-trucks and heavy equipment. Their experience in the tire industry and commitment to customer service align with the business principles established by founder Jason Jackman.
Employee ownership is a growing trend in the United States, fostering workplace engagement and financial security among employees. Companies like Schweitzer Engineering Laboratories exemplify how employee stock ownership can lead to stable company growth and improved employee equity. The recent acknowledgment of SEL as a top employee-owned company reflects the effectiveness of such governance structures. The success of local businesses in Lewiston, such as the upcoming restaurant by the Rowdens and the establishment of Jackman Tire, indicates economic vitality and entrepreneurial spirit in the region, showcasing the broader impacts of local industry engagement and ownership models.
In conclusion, Schweitzer Engineering Laboratories’ ranking as the 14th largest employee-owned company highlights the profound benefits of employee ownership for both individuals and organizational success. The emerging business ventures in Lewiston, such as the new restaurant and tire service, illustrate community resilience and the local economy’s continued growth. These developments underscore the importance of supportive ownership models and entrepreneurial initiatives in fostering economic stability.
Original Source: www.dnews.com
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