Southern Indiana Business Report
JASPER – The associate-owner shareholders of Jasper Holdings Inc. Employee Stock Ownership Plan received good news this week.
JHI Chairman and CEO Doug Bawel announced that shares reached a new all-time record price of $1,295.15 per share based on performance and market conditions, which was up $171.25 per share.
“This past year, we had an annual contribution of 15%, with the average contribution across JHI being 18% (including trust fund gain shares).” Bawel said. “Our ESOP has been a game changer for our associate-owners, their families and the communities where they live. Our ESOP is truly about wealth building for our associate-owners.”
Bawel added, “Today, we have a total of 3,419 active associate-shareholders and have distributed over $733 million of stock since the inception of our ESOP. 1,813, or 53% of our associate-owners, have greater than $50,000 in stock, and 1,331, or 39% of our associate-owners have greater than $100,000 in stock. This is in addition to our matching 401k retirement plan, which has over $327 million invested in a fully-funded trust fund with a match of $7 million in 2024, another all-time record.”
In 16 years, JHI’s ESOP has grown to become the 27th largest in the US and is one of the nation’s top performing Employee Stock Ownership Plans, according to a press release.
“Today, our market capitalization is in excess of $1.9 billion, a $246 million increase over 2023,” Bawel said. “We knew 2024 would have some challenges with continued shortages of certain parts along with the headwinds in our heavy-duty brands. Our success is a reflection of our associate-owners and their commitment to making our Jasper Holdings companies world-class performers. 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 so thankful for our great associate-owners and wonderful customers who have made it all possible.”