KSU announces stock gift valued at $70 million for engineering program
11/04/2013 8:39 AM
11/04/2013 8:40 AM
Kansas State University is sharing in a gift of stock valued at $210 million from Oklahoma City-based Dolese Bros. Co.
In a news release from KSU, officials said the donation is benefiting students in the College of Engineering at K-State, as well as engineering programs at Oklahoma State University and the University of Oklahoma.
The $70 million worth of stock given to each school, according to the release, “establishes the (university) foundations as nonvoting majority shareholders in Oklahoma's largest supplier of ready-mix concrete, crushed stone, gravel and sand.”
The release also said Dolese is annually buying back stock through an employees’ profit-sharing plan to support a plan to turn Dolese into a employee-owned company.
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