MSA Security Celebrates 10 Years of Empowering Employee 'Owners' Through ESOP
NEW YORK, Dec. 6, 2013 /PRNewswire/ -- As 2013 comes to a close, MSA Security (MSA) celebrates the 10 year anniversary of being an employee-owned company through its Employee Stock Ownership Program (ESOP). George Harvey, current MSA Chairman, established the ESOP in 2004, which was then implemented in 2005. Mr. Harvey wanted to empower his employees at all levels of the company by providing them with ownership of the firm, while instilling a vested interest in the success of the company. To achieve this vision, MSA has contributed nearly $9M to the ESOP to acquire stock in the company since the plan was implemented.
ESOPs enable employees to share in the profits of a firm when a company increases in value. As a result, long-term employees in an ESOP company can receive substantial retirement benefits when their company grows and is successful. Employees can see that their efforts influence the success of the company and ultimately their ESOP balance.
Since the MSA ESOP was established in 2004, employee participation in the program has increased from 253 to 797 employees, yielding a 315% increase in participation with employees currently owning approximately 28% of the company. Additionally, during this time period the value of the firm's shares has increased by 274%. This growth is the direct result of MSA's loyal and dedicated employee owners that go above and beyond what is expected of them.
"The goal of the ESOP was to give all of our employees from the top down a stake in the company, empower them to take ownership of their responsibilities, and ultimately share in our success," said MSA Chairman, George Harvey. "As MSA celebrates 10 years of being an employee-owned company, we also celebrate and thank our employee owners that have made MSA a success story."
About MSA Security:
Since 1987, MSA Security has served as an industry leader in high consequence threat protection and specialized training for corporate and government clients. The MSA team is comprised of security professionals with diverse backgrounds in law enforcement, elite military units, and the private sector working together to provide unparalleled explosive detection, consulting, training, and perimeter security services. MSA combines hands-on expertise with information and technology to minimize our clients' vulnerabilities to threats and lessen risks in order to protect their personnel and property. www.msasecurity.net.
SOURCE MSA Security