ESOP Shares Grow At American Solutions for Business
American Solutions for Business (ASB), Glenwood, Minn., recently completed its fourth year as an employee-owned company and has again reported a doubling in the company's share value. ASB has reported substantial increases in share value each year since the establishment of the ESOP (Employee Stock Ownership Plan) in 2000.
Chief Operating Officer Craig McLain, said, "Fiscal year 2003/2004 was a very good year for us. Our ESOP share price increased 91 percent over the previous year--representing a four-year trend of double-digit growth in share value." McLain also said that Novation, one of the largest health-care group purchasing organizations in the world, has awarded ASB a multi-year contract that will enable the company to market products in 15 product categories to more than 40,000 health-care facilities.
ASB, now in its twenty-third year, became an employee-owned company when founder and president, Larry Zavadil, decided to place the corporation into an ESOP. Under the plan, which is non-contributory, shares in the corporation are purchased annually with corporate profits and are distributed to qualifying sales associates and employees who are in good standing.
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