Business View Magazine - July 2024

dedicated to precision machining and innovative solutions. At the time, it had grown past being the small shop it used to be, growing to an annual revenue of $4.5 million. However, despite its growth, OSP has primarily kept its area of expertise compact. “We specialize in a wide variety of materials like brass, aluminum, stainless steel, alloy steels, nylons, and copper,” Company President Jeff Haag says. The wide breadth of precision product materials OSP can machine has developed as a niche, making it one of the only companies with such a diverse product lineup. The company is also uniquely equipped to serve multiple, non-overlapping industry sectors like the military, electrical, and automotive sectors. Due to its versatile offerings and range, OSP’s performance as a company only makes sense. However, the true accelerant behind its massive success is hidden within its operational structure rather than its sales revenue. In 2007, Ohio screw products transitioned into an Employee Stock Ownership Plan, becoming 100% employee-owned by 2013. This transition was a significant milestone, as it helped set the foundational culture of ownership and collective responsibility that has become so integral to the company’s results. With the ESOP structure set up as a large, long- term incentive, OSP employee-owners display a level of engagement and commitment to the company’s success that is unlike any other. A large portion of that is thanks to the consistent efforts of OSP leadership to promote the ESOP value within the company. Generally, educating employees about the ESOP structure and its benefits has been paramount. 93 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 07 OHIO SCREW PRODUCTS INC.