Border States Named in 100 Largest Employee-owned Companies in the U.S.
June 2010
FARGO, North Dakota – Border States Electric (BSE) has again been named one of the 100 largest majority employee-owned companies in the country. Ranked 84th, BSE is also one of three employee-owned companies headquartered in North Dakota on the list. The list is compiled annually by the National Center for Employee Ownership (NCEO), a private, nonprofit membership and research organization in Oakland, California. A complete list is available at http://www.nceo.org/library/eo100.html.
BSE provides products and services to the construction, industrial, and utility markets. The employee-owned company has approximately 1,300 employees and 60 branch operations in 14 U.S. states and Mexico. Corporate headquarters are located in Fargo. Active employees own 100 percent of the company under an Employee Stock Ownership Plan (ESOP), which was established in 1984 to transfer company stock from a few majority shareholders to the employees and to maintain private ownership of the company. In 2000, BSE became 100% ESOP-owned.
“The creation of the ESOP in 1984 was a major event for Border States and continues to be the foundation of our culture and success,” said Tammy Miller, CEO. “Our plan provides Border States employees with retirement savings through investments in our company’s stock, at no cost to the employee. The ESOP lets us live the American dream—the dream of being a business owner and sharing the financial rewards of a successful business.”
There are about 11,400 companies in the U.S. with employee stock ownership plans (ESOPs), the most common form of broad-based employee ownership. About 13 million workers participate in these plans. For more information about employee ownership, contact Corey Rosen at the NCEO at 510-208-1300.
