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October 23, 2024 2024 ESOP Essentials

Sargent Corp.

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Operational Overview

Description of the products/services offered: Airport infrastructure, highway and roadwork, landfills, renewable energy, site development, municipal & utilities, hot mix asphalt and aggregates, fabrication and mechanical.

Market presence and competitive positioning: Ability and willingness to tackle tough projects that may be outside of Sargent’s “typical” wheelhouse. Sargent’s investment in training and building the lives of its employee-owners gives them the tools to accomplish those tough projects.

Geographic reach or areas of operation: Maine, New Hampshire, Massachusetts, Virginia, North Carolina, Maryland

Employee Participation and Benefits

Success story of an employee who has benefited from the ESOP: Field Mechanic Kruger Tyler has been with the company for over 13 years and has an ESOP balance of over $160,000. He shares that balance with the young employee-owners to show that employee ownership works and can set them up for a comfortable retirement.

How the company communicates with employees about the ESOP: Weekly company podcast, frequently about ESOP related topics. Weekly newsletters are frequently about ESOP-related topics. Company-wide celebrations in May (the month Sargent became an ESOP) and October (National Employee Ownership month). Internal educational handouts.

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Company Culture

Company culture and values: Sargent is driven by its Core Purpose and Values: Our purpose is to build and be faithful stewards of the Sargent legacy and the resources entrusted to us. What we value above all else is Investing in People, Honing our Craft, Doing the Right Thing, and Winning in the Field.

Employee testimonials or quotes: “To me, employee-ownership means responsibility. Everything is ours, in essence, and it’s ours to take care of and maintain and look forward to making it bigger and better.” — Neal Merrill, Shop Mechanic

“Every one of us are owners. We are obligated to each other to execute safely and productively. Make the best of every opportunity available to us.” — Peter Broberg, Superintendent

“As an employee-owner, I am part of the Sargent family. And when it comes to crunch time, we are definitely a united team!” — Allyson Doughtery-Kill, Payroll Administrator.

Awards & Recognitions

  • 2024 AGC Build America Award – Back Cove West Storage Conduit
  • Governor’s Award for Business Excellence
  • 2019 United Way Gold Award

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Company ownership held by employees through the ESOP

Company Info

Sargent Corp. is a team of over 500 employee-owners that build infrastructure, including renewable energy projects, highways, commercial site work, landfills and underground work, in the Northeast US and Mid-Atlantic region. Sargent has a rich, near-century-long history and continues to focus on preparing the next generation leading into its second century.

President/CEO: Eric Ritchie, President and COO Herb Sargent, CEO

Employees: 500-plus

Location/Headquarters: Orono, Maine

Founded: 1926

Transitioned to ESOP: 2013