Davey Honored for Employee Ownership

KENT, Ohio - State and county dignitaries have recognized The Davey Tree Expert Company as a leading employee-owned company.

Thursday, Oct. 16, was proclaimed Portage County Employee Ownership Day, held in honor of national Employee Ownership Month. During a reception, Davey leaders accepted honors from state Rep. Stephen Dyer, as well as Portage County commissioners Chris Smeiles and Maureen Frederick. Other officials, including representatives from the Ohio Employee Ownership Center, were on hand for the event.

Davey, which has been employee owned since 1979, is the largest employee-owned company in Ohio and is among the 20 largest in the United States. With more than 7,000 employees throughout North America, the Kent-based Davey is one of nine employee-owned companies in Portage County.

During the month of October, companies are celebrated for their spirit of employee ownership. Events are designed to educate employee owners about the benefits of employee stock ownership plans, or ESOPs, and educate the public of such benefits.

Employee Ownership Facts:

• Approximately 11,500 ESOPs are in place in the United States, covering 10 million employees.
• Total assets owned by U.S. ESOPs are estimated at $800 billion.

The Economic Performance Survey conducted by the Employee Ownership Foundation in 2007 found:

• 72 percent of ESOP companies indicated a better performance and increased profitability in 2007, relative to 2006.
• 82 percent indicated that revenue increased in 2007.

The Davey Tree Expert Company, with U.S. and Canadian operations in 45 states and five provinces, provides a variety of tree services, grounds maintenance, and consulting services for the residential, utility, commercial, and government markets. It was founded in 1880.