In 2006, California Boiler sold 100% of its stock to its employees through an Employee Stock Ownership Plan (ESOP).
In 2006 California Boiler sold 100% of its ownership stock to its employees through an Employee Stock Ownership Plan (ESOP). This plan enables our employee-owners to share in the growth and prosperity of California Boiler. California Boiler supports an ESOP Communication Committee comprised of employee-owners from each of our offices that educates, communicates, and celebrates employee ownership with the rest of the team.
ESOP's have been studied in depth for nearly 35 years. These studies have proven that ESOP companies (employee-owners) dramatically improve the company's performance. ESOP's foster an "ownership culture" which allows employee-owners to feel and act like owners – not like "just another employee". Our employee-owners receive an interest in company stock without using their own monies.
An ESOP strengthens teamwork and collaboration between employee-owners at all levels of the company. Our employee-owners performance is tied to the objectives of California Boiler. That means that you can expect exceptional support and commitment from the California Boiler employee-owner team. Our "ownership culture" differentiates us from our competitors in the boiler industry. Our employee-owners have a stake in our business and a personal stake in how our customers are treated. We strive to treat all customers in an ethical, professional, competent and caring manner. Our employee-owners understand that their individual and collective efforts and dedication to their customers leads to success in the long term.
In addition, employee ownership eliminates undue influence from external parties and investors. California Boiler does not have any external shareholders or investors, our employee-owners are able to wholly focus on the level of service our customers expect and are accustomed to.
Marin French Cheese's plant boiler facility needed to be replaced as their aging boiler was not capable of meeting capacity requirements and was operating on #2 fuel oil.