[MASON, OH] CNC Indexing & Feeding Technologies announces that the company 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 & Feeding Technologies’ employees and recognize that 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,” commented sales coordinator Jessica Presutto.
Related Glossary Terms
- computer numerical control ( CNC)
computer numerical control ( CNC)
Microprocessor-based controller dedicated to a machine tool that permits the creation or modification of parts. Programmed numerical control activates the machine’s servos and spindle drives and controls the various machining operations. See DNC, direct numerical control; NC, numerical control.
INDUSTRY NEWS
