Sun-Tech Engineering Successfully Implements Employee Stock Ownership Plan (ESOP)
Sun-Tech announced today it has completed a management-led employee buyout for an undisclosed sum.
(PRWEB) May 11, 2006 -- Sun-Tech Engineering, Inc., a leading consulting engineering and surveying company, announced today it has completed a management-led employee buyout of 100% of the company for an undisclosed sum. Under the terms of the transaction, the company’s current management team will remain unchanged. Guidance for the acquisition was provided by American Business Resource Corporation, a national ESOP consulting firm.
Founded in 1994, Sun-Tech is one of Florida’s leading engineering consulting firms. Michael R. Fawley, P.E., president, who led negotiations on behalf of Sun-Tech Engineering, said, “We are delighted to successfully conclude this transaction. We believe our clients will experience an even greater level of satisfaction from the employee-owner structure."
Evan Rhodes, president of American Business Resource Corporation, said, “We are pleased to help Sun-Tech with their ESOP implementation which we completed in under two months. The ESOP funds retirement for Sun-Tech employees while attracting and retaining highly skilled engineers to the company.”
Sun-Tech joins the ranks of 1,500 S-Corporation ESOPs in the country today. According to Corey Rosen, executive director of the National Center for Employee Ownership, “Employee ownership, a sound idea, is still largely unknown to or misunderstood by most Americans, even our highly-educated business leaders. Making employee ownership a part of the national discussion on an Ownership Society would help move the idea forward in powerful, productive ways.” Source: www.NCEO.org.
To learn more about Sun-Tech Engineering, call (954) 777-3123 or visit www.suntecheng.com. To learn more about American Business Resource Corporation, visit www.abrc-esop.com or call toll free 1-866-379-2121.
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