James Alexander Corp.
, Blairstown, NJ-based co-packer of unit dose dispensing systems for the cosmetic, pharmaceutical and industrial markets, announced a roughly-5% expansion of its Employee Stock Ownership Plan (ESOP), originally introduced in 2011. The benefit plan lets employees invest in the company's stock as a means to enhance profit sharing. The company says this expansion goes into effect this quarter and will result in employee ownership of approximately 20%.
“In addition to increasing this well-deserved retirement benefit, the ESOP expansion further secures our future as a locally owned and operated business.," said Francesca Fazzolari, president and CEO.
Economic research conducted last year by the Employee Ownership Foundation in its the 22nd Annual Economic Performance Survey found that 94% of executives surveyed found employee ownership through an ESOP “a good business decision that has helped the company;" 77% of respondents indicated the ESOP had positively affected overall employee productivity.
The privately-held company manufactures, fills and packs unit dose dispensing systems that are ideal for skin care and topical applications. Besides beauty packaging, the company’s packages are sold in a variety of markets including pharmaceuticals, medical devices, dental products, veterinary products. Additional services include packaging design and development, compounding, sample runs, prototyping, sterilization, and further packaging.