Heath Ceramics, a California icon, sells stake to employees
SAN FRANCISCO - Dec. 19, 2018 - PRLog -- Heath Ceramics, the handcrafted ceramic tableware and architectural tile manufacturer and purveyor, has sold an interest in the company to their employees. With the help of Oakland based The Menke Group, Heath Ceramics has extended ownership to their employees by way of an employee stock ownership plan, also referred to as an ESOP.
"We've been planning this for a few years and are happy to announce we sold a minority stake in Heath to the employee stock trust," says Robin Petravic. "As an iconic California design and manufacturing company, we lead by example. We are always asking ourselves the question: how do we keep on ensuring Heath runs on the same values and keeps its creative spirit for the next 200 plus years? We invest in our people and community. An ESOP enables our long-term vision."
Employees are not paying out of pocket, either. The company contributes cash to the employee stock trust which in turn buys stock from existing shareholders.
In addition to creating greater financial security for employees, ESOPs can also increase employee productivity and efficiency. According to The Menke Group, this all helps to better align the interests of employees, management, and shareholders.
An ESOP is a type of retirement plan that is used for shareholder succession and employee benefit purposes. In certain situations, they enable the long-term deferral of both capital and corporate taxes.
About Heath Ceramics:
Heath Ceramics was founded in 1948 and has locations in Los Angeles, San Francisco and Sausalito. For more information about Heath Ceramics, visit www.heathceramics.com.
About The Menke Group:
The Menke Group has helped over 3,500 companies use employee stock ownership plans as part of their ownership structure. They specialize in the structuring and ongoing maintenance of these plans. For more information about The Menke Group, visit www.menke.com.
The Menke Group