Landry/French Becomes Employee Owned
Denis Landry and Kevin French of Landry/French Construction, one of Maine’s leading commercial construction companies, have announced that effective May 2, 2016, the company has established an Employee Stock Ownership Plan (ESOP) and is now employee owned.
The employee stock ownership plan is a way to enhance the firm’s client-focused culture, as well as position the company for future growth. It also provides a way to reward employees for their dedication to the company, and allows employees to benefit directly from the company’s success by sharing in company profits. The ESOP is in addition to the company’s existing 401(k) retirement program.
According to Denis Landry, President of Landry/French Construction, “There will be no change in leadership or operations, and we will continue to operate with the same business model and management structure. By converting to an ESOP, it allows the company to plan beyond the next decade to ensure that the Landry/French culture stays intact.”
Research has shown that employee ownership tends to foster a culture where individuals are more motivated and dedicated, which ultimately leads to increased productivity and profitability. The ESOP will also provide a competitive advantage, enabling Landry/French to retain their top employees, as well as attract other high-performing employees.
Kevin French, Vice President, added “We’ve always empowered our employees to think like owners. 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.”
In 2015, Landry/French was named one of the fastest growing companies in Maine by MaineBiz. The company has also received two consecutive AGC Build Maine Awards, one in 2016 for the Charles E. Moody School Restoration and Addition at Good Will-Hinckley and the other in 2015 for the new 88,000-SF State of Maine Office Building in South Portland. Other accolades include the Best Places to Work in Maine in 2015, and MaineBiz’s Largest Construction Companies in Maine 2015.
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