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BUSINESS
Phoenix-based Suntec Concrete transitions to employee-owned company
(Tyler Johnson)
More than 1,700 Suntec Concrete employees gathered at Grand Canyon University Arena on Saturday, March 15, 2024 for an event to announce the construction firm is becoming 100% employee-owned.
Posted
INDEPENDENT NEWSMEDIA
Suntec Concrete is celebrating its 40th anniversary in 2024 and recently transitioned to become an employee-owned firm.
The move makes Suntec one of the Top 10 largest construction employee-owned companies in the nation and the second-largest Arizona-based employee-owned company, according to a company release.
Suntec announced its Employee Stock Ownership Plan to its employees this month at a company gathering at Grand Canyon University.
“Today is a phenomenal transformation of the next 40 years of Suntec. Effective Feb. 15, about four weeks ago, Suntec became a 100% employee-owned company,” Suntec president and CEO Derek Wright said at the meeting.
An ESOP is an employee benefit plan that grants employees an ownership stake in the company.
“This ownership system is designed to create a greater sense of pride and commitment among employees as they now have personal investments in the success and growth of the company,” the release stated.
