PRESS RELEASE: Employee-Owned Austin Bridge & Road Strikes Gold in Nevada

For Immediate Release:

May 13, 2011

Media Contact:

Rebecca Einhorn

(202) 466-8700

Home News PRESS RELEASE: Employee-Owned Austin Bridge & Road Strikes Gold in Nevada

ESOP Structure Cited as Source of Company’s Success

(Dallas, TX) Austin Bridge & Road will deliver needed improvements to a Nevada gold mine, it announced today. The company—which is a 100 percent employee-owned private company, or a so-called “S corporation employee stock ownership plan” (S ESOP)—will complete earthwork, drainage improvements and concrete foundations for Hycroft Resources and Development’s new mobile equipment maintenance shop at the Sulphur, Nevada, gold mine near Winnemucca.

“Pride in ownership has driven our continuous growth,” said Jim Andoga, president of Austin Bridge & Road. “We operate with the highest possible commitment to customer satisfaction, knowing that the effort and ingenuity we put in now directly contributes to our ability to retire down the road.”

Austin’s scope of work on the Nevada gold mine includes building survey/layout, structural excavation and backfill for concrete building foundations, development of the sub-grade for slab-on-grade activities, compaction of existing and imported base material, underground plumbing, electrical, and fire sprinkler systems. Crews are also furnishing and installing reinforcing steel; involved with cast-in-place concrete operations and mechanical and electrical systems components; preparing concrete ready-mix batch plant operations; and forming, pumping, placing and finishing all cast-in-place concrete.

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 workers that they otherwise would not have. This is because profits of the company 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. This helps to explain why Austin’s employees are so successful, as compared with most working Americans who—an April 2011 Gallup poll found—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 safety, reliability and economic efficiency of their operations — something that moves our entire economy forward.”

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.


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.

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