SynTerra Corporation announces ESOP
September 22, 2016
SynTerra Corporation announced that its Employee Stock Ownership Plan (ESOP) has acquired 40% of the stock in the environmental and engineering consulting company. While the company has historically been employee-owned, the ownership has been concentrated in a smaller number of shareholders. The ESOP, which was effective as of August 31, 2016, broadens the ownership structure by including all employees of the company with at least one year of service. SynTerra was advised on the transaction by Andrew Coburn of Wyche, P.A., the company’s long-standing corporate legal counsel.
Commenting on the transaction, Mark Taylor, the company’s President, said, “The ESOP will allow SynTerra to remain an independent and employee-owned company. SynTerra will not be responsible to outside shareholders who often care only about the bottom line. With the ESOP in place, the company and its employee-shareholders will continue with the freedom to emphasize other values, like community involvement and environmental stewardship while maintaining a healthy organization with satisfied and self-motivated employees.”
Mr. Taylor, who will remain President of the company, also noted, “SynTerra’s strength lies in its strong relationships with its clients. Providing these clients with unparalleled service requires employees who are both loyal and committed. Now when a client calls, they can be sure they are speaking with one of the owners.”
SynTerra joins a long line of successful employee-owned companies such as W.L. Gore & Associates (Gore-Tex), Publix Supermarkets, Principal Financial Group, New Belgium Brewing Company, and Raycom Media. Employee-owned companies are celebrated as some of the world’s best companies as a result of their dedicated and dependable employee cultures.
About SynTerra
SynTerra Corporation is an employee-owned environmental and engineering consulting firm headquartered in Greenville, South Carolina specializing in environmental, civil, process, and compliance management for industry, government, and commercial clients. Typical projects include regulatory compliance, brownfields redevelopment, remediation, wetlands assistance, civil engineering infrastructure, and hydrogeology. SynTerra’s private sector clients range from small specialty chemical manufactures to large mining and pulp and paper facilities. Its public sector clients include local governments, utilities, and state agencies.
