Suntec Concrete is celebrating its 40th anniversary in 2024, and with an eye on the next 40 years, the company 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 2nd largest Arizona-based employee-owned company. Suntec announced its Employee Stock Ownership Plan (ESOP) to its entire team at a company gathering at Grand Canyon University on March 16, 2024.
LEARN MORE: 132 Arizona companies make Inc. 5000 list for 2023
“Suntec is committed to growing and developing people and it’s about changing lives, and by the way, we pour concrete,” Suntec President and CEO Derek Wright told his team. “Today is a phenomenal transformation of the next 40 years of Suntec. Effective February 15th, about four weeks ago, Suntec became a 100% employee-owned company.”
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. Suntec has grown into the largest concrete subcontractor in the Southwest and No. 5 in the nation.
The ESOP announcement to its employees is another way Suntec continues to enhance the already industry-leading benefits and ensures the company leadership structure will remain the same, as will bonus programs, health insurance and 401K plans. The ESOP structure is just an added benefit to the nearly 2000 Suntec employees throughout Arizona, Colorado, Utah and Idaho.
During its 40 years, Suntec has worked on many significant projects in Phoenix, Denver, and Salt Lake City markets, as well as the Treasure Valley region of Idaho. Suntec specializes in being a turn-key specialty concrete contractor on large-scale projects covering all aspects of the construction industry.
In addition to its project work, Suntec is also very active in the community with its Heroes in Hardhats initiatives. The largest program that Suntec undertakes is its Teacher Appreciation program, which focuses on the employee making a difference in their home and community. In 2023, Suntec distributed more than $300,000 worth of school supplies and equipment to more than 100 deserving teachers in the markets it serves.
