STILLWATER, Maine — Sargent Corp., an earthwork company comprising nearly 400 employees in seven states, announced Wednesday it has transferred 100 percent of its ownership to its employees by adopting an Employee Stock Ownership Plan (ESOP).
“Our people have a history of handling challenging and complex projects with safety, efficiency and exacting standards,” stated Herb R. Sargent, company president, in a press release. “And now, we have placed the ultimate vote of confidence for the future of Sargent Corp. in the ability of our employees to own, grow and perpetuate the success of the company.”
“I commend Herb Sargent for his leadership and congratulate all of the hard-working employees who are now the new owners,” said CEO Matthew Marks, Associated General Contractors of Maine, in a press release. “I look forward to watching the continued growth of Sargent Corp. right here in Maine.”
Sargent is a third-generation owner in the family business whose roots in Maine date back nearly a century. In 1926, H.E. Sargent was formed by his grandfather Herbert E. Sargent and later run by his father James. Herb R. Sargent started Sargent & Sargent in 1992 and acquired the assets of H.E. Sargent in 2005 to form the Sargent Corp.
“I’ve said it over and over that equipment doesn’t build things; people do.” says Sargent. “I believe that if my grandfather were alive today, he’d agree that entrusting the company to the folks that have put so much effort, dedication, and pride into their work is the right thing to do to ensure local control and a stable financial future.”
Sargent stressed that at age 50, he has no plans to retire. He is excited the company’s strength will be buttressed by a future for employees that is stable, predictable and provides an additional employee retirement benefit tied directly to company performance.
Sargent Corp. specializes in commercial, industrial and institutional site preparation, landfill construction, highway and utility projects, airports, athletic facilities, wind power access, aggregate production, and excavator attachment fabrication. In 2010, Sargent entered the ready-mix concrete business, named Sargent Materials, now with batch plants in East Machias, Lincoln, Hancock and Hermon. Sargent Materials will become a part of the ESOP as well.
Sargent Corp.’s nearly 400 employees work in seven states and are led by a field management team boasting over one thousand years of combined experience.