Southern Indiana Business Report
JASPER – Jasper Holdings Inc., parent company of Jasper Engines & Transmissions and other companies, announced Wednesday that 2023 was a record-setting year for revenue with just under $1.1 billion.
Associate-owner shareholders of Jasper Holdings Inc. Employee Stock Ownership Plan were given the news of the record growth Monday.
“A new all-time record price of $1,123.90 per share based on their performance and market conditions. This is up $250.42 per share, a 28.7% increase in a very turbulent 2023, with inflation and increased interest rates,” said Doug Bawel, chairman and CEO of Jasper Holdings Inc., in a press release. “On average, our Associate-Owners added an additional 19.7% of their 2023 compensation into their ESOP accounts, through new share allocations and forfeitures. This does not include the increase in their existing account balance of 28.7%. Our ESOP has truly been a game changer for our Associate-Owners in their retirement strategy.”
Bawel added, “Today we have a total of 3,332 active Associate-Shareholders and have distributed over $609 million of stock in the past 15 years. 1,735, or 52% of our Associate-Owners, have greater than $50,000 in stock, and 1,236, or 37% of our Associate-Owners have greater than $100,000 in stock. This is in addition to our matching 401k retirement plan, which has over $315 million invested in a fully funded trust fund with a match of $6.9 million in 2023, another all-time record.”
In 15 years, Jasper Holdings has grown to be the 33rd largest ESOP in the US, according to Bawel. Its market capitalization is more than $1.6 billion, a $361 million increase from 2022.
An ESOP is a program that allows employees to become partial owners of the company they work for by acquiring shares of the company’s stock. According to Forbes, ESOPs create a sense of shared ownership and responsibility among employees. When workers have a stake in the company’s performance, they are more likely to feel invested in its success. This can lead to increased motivation, higher productivity, and a stronger commitment to the organization’s long-term goals.
“Our JASPER family has been truly blessed by great customers who have been very patient through these material and labor shortages,” Bawel said. “Our success directly reflects our Associate-Owners and their commitment to Do it Right in these challenging times,” Bawel added. “We have been blessed with great Associate-Owners who have continued to stay focused on what is in our control, a never-ending commitment to improvements in Safety, Quality, Productivity, Customer Service and Reduction of Waste. We are extremely thankful and humbled with our success.”
Jasper Holdings Inc. is the parent company of Jasper Engines & Transmissions, Jasper Electric Motors, Jasper Innovative Solutions, Weller, Diesel USA Group, D&W and Jer-Dan Plastics.