May 2, 2013
Sargent Corp. becomes employee-owned
Stillwater-based Sargent Corp. announced Wednesday that the company has transferred 100% of its ownership to employees through an Employee Stock Ownership Program.
The company, founded in 1926, has 400 employees at offices in the Bangor area and throughout the mid-Atlantic.
CEO Herb R. Sargent said in a press release that the change will give employees a greater stake in the company and allow them retirement benefits tied directly to company performance.
The transfer includes employees of Sargent Materials, started in 2010, which has ready-mix concrete plants in East Machias, Lincoln, Hancock and Hermon.
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