J.S. McCARTHY PRINTERS ANNOUNCES THE FORMATION OF EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
J.S. McCarthy Printers: One Source One Solution, now One Hundred Percent Employee-Owned
Augusta, ME – November 20, 2019 – J.S. McCarthy Printers, a sheetfed commercial and packaging printer, announced today that the company has become an ESOP, effective September 1, 2019. In the transaction, prior owners sold 100% of their ownership interest to a newly created Employee Stock Ownership Trust, giving employees ownership in the company without any personal investment.
The newly formed ESOP is a qualified retirement plan offered in addition to the company 401(k). The ESOP will generate retirement benefits for J.S. McCarthy’s 200 Employee Owners.
Announcing the ESOP to employees, Rick Tardiff, Chairman of J.S. McCarthy, said, “Over the past several years, we have built one of the most efficient, well-equipped printing companies in the country. As a result, we have been approached by many companies that have wanted to buy J.S. McCarthy. I have considered many of these offers as a way for me to exit the business, and my thoughts always returned to how a sale would affect my family, the employees and our community. After thoroughly considering all options, our family has decided that best way to continue the business well into the future is to to form an ESOP, an employee-owned company, which means that every one of our employees will benefit from the continued success of J.S. McCarthy.”
Rick Tardiff will stay on as chairman of the board, with his four children and the current management team in charge of daily operations at the company. Jon Tardiff, President and CEO since 2017, had this to say during the announcement to employees. “On average, employee-owners at ESOP companies have 2.5 times more saved for retirement. While this is a great opportunity for everyone, it also comes with responsibility. Employee owners have a unique opportunity to drive share value.”