WESTFORD, MASS. — Artel Video Systems announced that effective Oct. 1, 2014, the company is now employee owned through the creation of the Artel Video Systems Corp, Employee Ownership Trust. The Trust, formed as an Employee Stock Ownership Plan, is said to strengthens Artel’s ability to deliver on their charter and better meet the growing needs of its customers.
“Since I became president of Artel, it has been clear that the company’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 its customer satisfaction metrics,” said Richard Dellacanonica, president and CEO. “Through this employee ownership program, we are further enhancing the culture of customer-focused solutions, coupled with a dedication to service and quality that have been the hallmarks of Artel for decades. We also expect this to drive more active participation in all aspects of the business creating a true win-win, with both the employees and our customers reaping the benefits from the employee ownership of Artel.”
There there are more than 9,000 active ESOPs in the U.S.
