SOURCE: Rosendin Electric
SAN JOSE, CA--(Marketwire - Oct 23, 2012) - Rosendin Electric (www.rosendin.com) has been named the nation's largest 100% employee-owned electrical contractor by the National Center for Employee Ownership (NCEO, www.nceo.org). In the latest ranking for 2012, the NCEO has included Rosendin Electric as one of the top 100 largest employee-owned companies, and is the largest electrical contractor to make the list.
To qualify for the NCEO Top 100 list, a company must have the majority of its stock owned by an employee stock ownership plan (ESOP) or some other board-based employee ownership plan. In total, the companies that made the 2012 list employ more than 687,000 people, including Rosendin Electric with more than 2,500 employee-owners. The NCEO estimates there are currently 10,900 ESOPs in the United States, employing more than 10.3 million people, with almost $900 billion in assets. About one-third of the companies named to the NCEO Top 100 are 100% employee-owned.
"Rosendin Electric continues to grow thanks to our dedicated team of employees working in offices across the country and abroad. As members of a team, we look out for the best interest of our teammates to ensure everyone's work is done safely, with the utmost quality, and with results that exceed our customers' expectations. Being an employee-owned company gives everyone a stake in our growth and we know that we can count on everyone on the team to contribute to our ongoing success," said Tom Sorley, Chairman and CEO of Rosendin Electric.
According to research by the NCEO, the National Bureau of Economic Research, Joseph Blasi and Douglas Kruse of Rutgers, and many others, employee-owned companies tend to grow at a significantly faster rate, have much lower turnover, and are much more financially stable than comparable non-employee-owned companies. Moreover, those working for employee-owned companies accumulate about three times what the typical employee in non-employee ownership companies accumulate in their retirement plan. Details on this research, as well as the full Employee Ownership 100 list, can be found on the NCEO Web site (www.nceo.org).
About Rosendin Electric
Rosendin Electric, Inc., headquartered in San Jose, California, is a 100% employee-owned electrical engineering, power and communications provider and the largest privately held electrical contractor in the United States. With over 2,500 employees and experience nationwide, Rosendin Electric has built upon a 90-year reputation for quality design and installations. For additional information, visit www.rosendin.com.