Rep Bill Foster Visits with Employee-Owners
Shorr Packaging Corp. welcomed and hosted Congressman Bill Foster at its company headquarters in Aurora, Illinois.
The congressman’s visit was a unique opportunity for Shorr to demonstrate how a successful ESOP company operates and how this business structure provides benefits to not only the company and employee owners, but also contributes to the greater economic health of the U.S.
Rep. Foster met with Shorr’s senior management, toured the facility and led a brief overview and Q&A session with employee-owners.
In his remarks, Mr. Foster noted that he was very impressed with Shorr’s longevity and success. “I was pleasantly surprised to learn that Shorr’s business valuation has continued to remain stable, even during the recent economic downturn. It is encouraging to know that the employee-ownership model is something that is working well, and one that we must work to preserve.”
As a businessman who understands the value of sound financial structure and responsibility, Rep. Foster also stressed the importance of employees understanding both the responsibilities and rewards of employee ownership. “When managed properly, it is a very good model, one where employees are confident in their leadership and business operations and take pride in their individual contributions to the company’s success.”
Craig Funkhouser, Chief Operating Officer of Shorr, asked the congressman for advice on how to ensure the stability and viability of ESOP companies. In response, Rep. Foster encouraged Shorr employees to continue to lobby their elected officials for ongoing legislative backing in support of employee-owned businesses.
As of 2010, Illinois ranked #2 in the country with 182 S ESOP companies headquartered in the state.
Rep. Bill Foster represents Illinois’ 11th Congressional District, which includes portions of Will, DuPage, Kane, Kendall and Cook counties. He serves on the House Committee on Financial Services. As a member of this committee, he participated in the creation of several important reforms in the financial services and housing sectors, most notably the Dodd-Frank Wall Street Reform and Consumer Protection Act.