Urschel Laboratories sells company to its employees
Rick Urschel, president and CEO of Urschel Laboratories announced that the Urschel family sold the Chesteron, Ind.-based company to its employees. Over the past few weeks, shareholders have been tendering their stake in the company to the Urschel Laboratories Employee Stock Ownership Plan (ESOP, a program designed to give the employees an ownership interest in the company without any out-of-pocket cost to the employee. Shares are allocated to employee accounts on an annual basis, and upon retirement from the company, the employee sells their shares back to the ESOP for cash. It also gives the employees control over future transfer of the company, making it difficult to sell or merge with another company.
“I’m not sure how many years my dad has left to work, but everyone appreciates having him around,” says Urschel. “He’s a great source for institutional knowledge, and I rely on his council. As for me, I love living here, and couldn’t think of anywhere else I’d rather work. I’ve grown up with a lot of these guys, and the friendships I’ve had over the years make coming to work and doing the best job I can an easy task.”