Terra Engineering and Construction Corp. of Madison announced that the company will transition from family owned to employee ownership.
Twenty-five percent of ownership was transferred to the company’s non-union employees through an Employee Stock Ownership Plan. Union employees already have a pension plan in place.
The change was implemented “to reward employees for their hard work building the 45-year-old company,” according to a release.
Management changes were also announced as the company secures its succession plan.
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