Company Sells to Employee Stock Ownership Plan
In the transaction, current and future employees of CNC Indexing and Feeding Technologies gain a beneficial ownership interest in the company without any personal monetary investment.
CNC Indexing and Feeding Technologies is now owned by an ESOP (Employee Stock Ownership Trust), effective immediately. In the transaction, current and future employees gain a beneficial ownership interest in the company without any personal monetary investment.
The ESOP was developed to give back to CNC Indexing and Feeding Technologies’ employees and recognize they are the drivers of the company’s success. The formation of the entity’s ESOP is intended to preserve outstanding customer service through increased productivity and sense of ownership, eliminate income tax obligations to federal and state governments allowing for reinvestment of cash back into the company for future growth opportunities, and retain and recruit top talent.
“From our employees to our customers, this is a win/win for everybody,” says sales coordinator Jessica Presutto.
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