ESOP Owns CNC Indexing
The intent is to increase employee productivity and ownership, eliminate income tax obligations, reinvest cash into the business and retain-recruit talent.
Posted: February 14, 2019
CNC Indexing & Feeding Technologies (Mason, OH) is now owned by an ESOP (Employee Stock Ownership Trust), effective immediately. In this 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 employees and recognize that they are the drivers of business success. The formation of this 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,” commented sales coordinator Jessica Presutto.
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