Artel Video Systems Forms Employee-Ownership Trust
Artel Video Systems announced that it is now an employee-owned company through the creation of the Artel Video System Corporation Employee Ownership Trust.
The trust was created as an Employee Stock Ownership Plan (ESOP) in accordance with the rules and guidelines of the US Government Employee Retirement Income Security Act of 1974 (ERISA). Over the last 40 years, ESOPs have been an effective tool used by large and mid-sized, public as well as private companies to generate employee loyalty and dedication to fulfilling their organization’s charter. Currently, there are over 9,000 active ESOPs in the US. All of Artel’s outstanding shares have been transferred to the Trust establishing Artel as a 100 percent employee owned company.
“Since I became president of Artel, it has been clear that Artel’s strength is its unique combination of talented, experienced, and dedicated employees. Also, it is well documented that broad based employee ownership enhances a company’s financial performance while dramatically improving all of their customer satisfaction metrics.” says Richard Dellacanonica, president and CEO. “Delivering the world’s most reliable, simple to install and support media transport equipment has been our charter for more than 30 years and we have been successful at it because of our employees. Thru this ESOP plan, we are rewarding employees not only for their past efforts but more importantly by giving them true ownership in Artel for their efforts going forward on behalf of our customers.”