J.E. Dunn Construction said that it plans to offer part of the company's ownership to employees.
The Dunn family will retain majority ownership of Kansas City's largest construction company, but starting Jan. 1 it will implement an employee stock ownership plan for qualified employees. The company has been family-owned since it was founded in 1924.
The company has about 1,500 employees in 18 offices across the country, including 320 at its headquarters at 1001 Locust St.
Terry Dunn, president and CEO, said that as the company has evolved, the Dunn family decided it needed to transfer a portion of the firm to employees. Establishing an employee stock plan would assure the success of the company in the decades to come, he said in a statement.
Digital Access For Only $0.99
For the most comprehensive local coverage, subscribe today.
"This move represents a significant milestone in the history of J.E. Dunn Construction," Dunn said.
Steve Dunn, the company's chairman, said the move to employee ownership will optimize growth and align long-term employee goals with those of the company and the Dunn family.
J.E. Dunn Construction is the nation's 12th-largest general building contractor, with revenue of more than $2 billion. The company moved into a new headquarters in late 2009 on the east side of downtown.