Landry/French Construction Co. of Scarborough has established an employee stock ownership plan and is now employee-owned, the company said Thursday.
The company said in a news release that its stock ownership plan is a way to enhance the firm’s client-focused culture and position Landry/French for future growth.
It also provides a way to reward employees for their dedication to the company and allows employees to benefit directly from its success by sharing in company profits, Landry/French said.
“There will be no change in leadership or operations, and we will continue to operate with the same business model and management structure,” Landry/French President Denis Landry said in the release. “By converting to an (employee-owned model), it allows the company to plan beyond the next decade to ensure that the Landry/French culture stays intact.”
According to Landry/French, research has shown that employee ownership tends to foster a culture where workers are more motivated and dedicated, which ultimately leads to increased productivity and profitability.
The stock ownership plan, which is in addition to the company’s existing 401(k) retirement program, also will provide a competitive advantage that enables Landry/French to retain its top employees and attract other high-performing employees, the company said. The company employs roughly 30 people.
“We’ve always empowered our employees to think like owners,” Landry/French Vice President Kevin French said. “By transitioning to an employee-owned company, it allows us to reward them for their hard work. Now everybody has a vested interest in the company’s success, and a piece of ownership.”
Landry/French has built a reputation as a fast-growing and employee-friendly company. In 2015, it was named one of the fastest-growing companies in Maine by Mainebiz. It received two consecutive AGC Build Maine Awards, one this year for the Charles E. Moody School restoration and addition at Good Will-Hinckley, and the other in 2015 for the new 88,000-square-foot state of Maine office building in South Portland.