(Washington DC) The American Road and Transportation Builders Association today presented its prestigious 2011 Globe Award to Austin Bridge & Road for environmental stewardship in the construction of the Happy Valley Road Pleasant Parkway (State Route 303L) in Peoria, Arizona. The company—which is a 100 percent employee-owned private company, or “S corporation employee stock ownership plan” (S ESOP)—has also received accolades from the Arizona Department of Transportation for environmental protection at the site.
The $100 million, 5.35-mile section of the new freeway was built through pristine desert and included construction of 18 bridges, extensive drainage improvements, mass excavation, landscaping and other elements to support the west valley’s increased growth over the past 10 years. The Austin Bridge & Road team was responsible for protecting the air, water, indigenous plants and local wildlife along the new freeway section. Additional environmental considerations included preventing erosion and identifying existing habitats for protected species like the burrowing owl, desert tortoise and cliff swallows.
Austin Bridge & Road cites employee ownership as a primary motivator in its success. “As employee-owners, Austin’s legacy of good stewardship means a brighter future — both in terms of the air that our children will breathe and the retirement security that will safeguard our families’ well-being,” said Jim Andoga, president of Austin Bridge & Road.
S ESOP companies like Austin, according to a University of Pennsylvania study, create not only employee motivation and success, but also $14 billion in new savings for S ESOP workers that they otherwise would not have. This is because company profits flow into the ESOP (retirement) accounts of the workers. Moreover, most S ESOP employees have retirement account balances three to five times higher than the average 401 (k) or other defined contribution plans, as compared with most working Americans who, according to an April 2011 Gallup poll, think they will lack enough money to live comfortably in retirement.
“Employee-owners like those at Austin work smarter and harder because of their commitment and investment in the business,” said Greg Klein, chairman of the board of directors of the Employee-Owned S Corporations of America. “The dedication of Austin’s employee-owners not only defines the company’s bottom line, but also translates directly to the reliability and environmental soundness of their operations.”
Austin Industries is a diverse, merit-shop construction company owned 100 percent by its employees. The three operating companies of Austin Industries—Austin Bridge & Road, Austin Commercial and Austin Industrial—engage in almost every type of civil, commercial and industrial construction. The company’s total workforce numbers about 5,300 and the completion value of projects in progress exceeds $1 billion. Founded in 1918, Austin is one of the largest and most diversified construction organizations in the United States. Offices are in Texas, California, Arizona, Louisiana, Alabama, Georgia, South Carolina and North Carolina.
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The Employee-Owned S Corporations of America (“ESCA”) is the Washington, DC voice for employee-owned S corporations. ESCA’s exclusive mission is to preserve and protect S corporation ESOPs and the benefits they provide to the employees who own them. These companies have an important story to tell policymakers about the tremendous success of the S ESOP structure in generating long-term retirement savings for working Americans and their families. ESCA provides the vehicle and the voice for these efforts. ESCA represents employee-owners in every state in the nation.