Back in 1962, Harold Corner and Dick Johnston launched their dream venture, Meadville Precision Tool & Mold, from a small garage. They quickly became well-renowned for building high-precision plastic injection molding components and quality injection molds. Their expansion into the medical and business machine markets fueled even further growth in the 1980s, prompting a new name–C&J Industries, Inc., in honor of the founders.
The Birth of the ESOP
The 1980s marked a turning point. When founder Harold Corner retired, Dick Johnston proposed an Employee Stock Ownership Plan (ESOP) to keep the company in trusted hands. Fast forward to 2016, as long-standing CEO, Dennis Frampton announced his retirement and disclosed that C&J’s Board of Directors had sold their shares and created an Employee Stock Ownership Plan—making C&J a 100% employee-owned company. The ESOP accomplished two important goals: ensuring that C&J would remain in Meadville, PA, and securing a promising future for C&J employees.
Why an ESOP? Empowerment in Ownership
The ESOP at C&J is more than just shares – it’s about empowerment. Every employee has a voice in the company’s future. Major decisions, from business acquisitions to potential sales, require majority employee approval. In this model, C&J employees aren’t just team members; they have invested in every success, every customer interaction, and every innovation.
The Long-Term Investment: Growing Value Over Time
And the longer you stay, the more you gain. The ESOP serves as a retirement plan, building employees’ investments over time–no extra steps required to earn stock as an employee, just dedication to the company.
C&J educates its team on the unique value of an ESOP, helping employees understand how their contributions impact not only the stock value and bottom line but also their personal stake in the future.
This sense of ownership inspires pride in the work, the quality of the products, and the level of service each customer receives. Plus, the ESOP is a powerful recruitment tool, attracting talent excited to have a real stake in the company’s success.
A Legacy of Integrity and Shared Vision
CEO Jerry Sargent encourages other business owners to consider ESOPs, explaining, “Too many manufacturers are being sold to much larger organizations. If you’re an owner who wants to keep your vision alive and see your employees carry it forward with the same passion, the ESOP model gives them the chance to buy the company from you.”
For C&J, ESOP means a legacy built on integrity, trust, and shared ambition. Customers also see the impact, recognizing the dedication of employee-owners and rewarding C&J with their loyalty and repeat business.
Looking Ahead: Growth & Expansion
As the new year approaches, C&J’s excitement builds–they are nearing their ESOP loan payoff & putting the final touches on a major 25,000 sq ft expansion. Each year, employees eagerly review their stock values, reflecting C&J’s continued success and growth. “We want to continue to grow the company wisely,” Jerry said. “Continuing the founders’ legacy, and securing the future of all associates.”