Holding Companies; Automotive Parts & Accessories; Machinery Manufacturing
SRC is a 100% employee-owned remanufacturing company with 10 subsidiaries and operations based across Missouri, Kentucky, and Illinois. SRC continues to expand its lines of business, and a flatter organizational hierarchy helps maintain an entrepreneurial culture that leads to new ventures and innovations in production each year. In the early 1980’s, SRC’s first team of managers, including founder and CEO Jack Stack, were at risk of finding themselves out of work when their original parent company, International Harvester, began laying off employees and selling off company assets. A series of events lead to revamping the ownership and management of the new company by introducing an employee ownership program and open-book management practices.
SRC has now been employee-owned for over 40 years. This structure helped build the company’s ownership culture and tie the contributions of each employee-owner to the financial success of the plant. The company’s stock price had rebounded from $0.10 in 1983 to $13 only five years later, and by 2017 it had paid over $100 million in distributions to employee-owners retiring or leaving the company.
In October 2021, the National Center for Employee Ownership (NCEO) announced SRC as a member of its Employee Ownership 100, a list of the largest majority employee-owned companies in the country. The company also works to popularize its open-book management practices, known as The Great Game of Business, which promote transparency, integrity, and business literacy among the company’s 1,800 associates.
While they are not certified, based on Department of Labor 5500 fillings and other third-party data sources, we believe their ESOP meets our standards of significant and broad-based employee ownership.
While they are not certified, based third-party data sources, we believe their Worker Cooperative meets our standards of significant and broad-based employee ownership.
While they are not certified, based third-party data sources, we believe their Employee Ownership Trust meets our standards of significant and broad-based employee ownership.
While they are not certified, we believe they meet our standards of significant and broad-based employee ownership.
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