Pros
Employee-owned company with a strong reputation and solid financial performance. They invest heavily in internal relations to provide employees with a lot of information and feedback. They are an old-line company (50 years) with a solid reputation within their industry/markets that provides them with a strong client base.
Cons
Difficult to advance into senior management positions - mostly "home grown" talent. The company is extremely risk averse which negatively impacts their abaility to expand/succeed in some of the growth businesses (high technology) that they are trying to break into. Lastly, the (internal) "loyalty factor" that they nurture requires a fairly lengthy acclimation period for new people/talent that is unusual in the industry, If you can last the matriculation, you might get the opportunity to advance within the management structure.