TEMPE, Ariz. – Sundt Construction, Inc. (www.sundt.com) ranks No. 68 on the National Center for Employee Ownership’s Top 100 largest majority employee-owned company list.
In 1972, Sundt established an Employee Stock Ownership Plan (ESOP) and today, the company is 100 percent employee-owned. An ESOP company is different from traditional types of corporate ownership in that it is owned in whole or in part by its employees through its ESOP trust, and each employee-owner shares in the profits and success of the company. At Sundt, all employees are generally eligible for participation after 1,000 hours of credited service during the initial full 12 months of employment.
“Sundt is honored to be recognized as one of the country’s largest employee-owned companies,” Sundt’s Corporate Director of Human Resources Nicole Calamaio said. “Our ESOP program is a way to bring a heightened sense of dedication and commitment among all our employee-owners.”
To earn a spot on the list companies must be at least 50 percent owned by an ESOP or other qualified plan or by one or more other kinds of plans in which at least 50 percent of full-time employees are eligible to participate.
Sundt Construction, Inc. (www.sundt.com) is one of the country’s largest and most respected general contractors. The 128-year-old firm specializes in transportation, industrial, building and concrete work and is known for its commitment to quality and innovative approach to construction services. Sundt has 11 offices throughout Arizona, California, Texas and Utah and is 100 percent owned by its approximately 2,000 employees. Sundt currently is ranked the 65th largest construction company in the United States by ENR, the industry’s principal trade magazine. The company is consistently ranked among the Best Places to Work by business publications in multiple cities and it was named the nation’s safest construction company by the Associated General Contractors of America twice in a decade – an honor no other contractor can claim. Sundt’s charitable arm, the Sundt Foundation, recently crossed the $8.6 million mark in donations made to hundreds of nonprofit organizations across the country.