Sundt Construction, Inc. (www.sundt.com) ranks No. 52 on the National Center for Employee Ownership’s Top 100 largest majority-employee-owned companies 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.
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.
