Condé Systems President Transfers Ownership to Employees
Employees were given ownership through an employee stock ownership plan
Condé Systems Inc., a supplier of sublimation and digital heat transfer equipment, supplies, imprintable products, and education, announces that its employees are now the owners of the company through an employee stock ownership plan (ESOP).
An ESOP is an employee benefit plan which provides company stock to employees as part of their retirement benefits. As a 100% ESOP-owned company, all of Condé’s stock is now held in trust by the ESOP exclusively for the benefit of Condé employees.
The company’s president, David Gross, approved the transaction in October with the intent of further strengthening its commitment to the company’s employees, business partners, and customers.
“Since our founding in 1992, my foremost goal has been to provide our clients the superior resources needed to be successful in their custom decorating business,” says Gross. “This transition is the best step for us as it reinforces our commitment to serve our clients in the best way possible and also supports the sustainability of our company.
He adds, “Our clients can now have an additional level of confidence that our firm is here to serve their needs far into the future. Equally, our employees now have an opportunity to accumulate financial well-being not only through compensation but also through the ESOP.”
