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Cranston Print Works: an Employee-Owned Company
Cranston Print Works was one of the first companies to become
employee-owned when the Employee Stock Ownership Plan (ESOP) concept was
conceived in the 1970's. Over the years since our ESOP purchased the
Company, our employees have become increasingly passionate about their jobs
and their Company, as anyone who is an owner of his own business can
appreciate. Today there are approximately 10,000 ESOP's across the United
States, employing 8 million people, or 8% of the private sector workforce.
Assets owned by ESOP's total $500 billion. Cranston's ESOP is by far the
majority stockholder of our Company.
Cranston's ESOP is a powerful mechanism designed to financially reward its
employee owners. Each employee's ESOP account builds in value over time, as
the operational successes of the Company are translated into financial
rewards which accrue directly to the employee owners. Every year shares of
stock in Cranston Print Works Company are placed into employees' accounts at
no cost to the employees. Cash is paid out when dividends are declared. As
an employee nears retirement the accumulation of shares in his account
peaks.
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