Blue Book Building & Construction Network Moves Ownership to Employees
Jan 15, 2013 (Close-Up Media via COMTEX) --
The Blue Book Building & Construction Network, publisher of targeted company, contractor and project information for the commercial construction industry, recently announced the successful sale of the previously family-owned company to an Employee Stock Ownership Plan (ESOP) in conjunction with the celebration of the company's 100th year in business.
According to a release, the Blue Book Network kicked off its anniversary celebration with a company-wide meeting in December to inform all 500 employees of their shared ownership of the company. In his announcement at the celebration kick-off, President Richard Johnson communicated the wishes of current Chairman and previous owner Jim O'Malley, that the company be sold to the employees to ensure it would live on with the people who helped build it along with the passion that O'Malley knows is critical to the company's long-term success.
"This is a very exciting and awesome moment for all of us," said Johnson. "The Blue Book Network employees now own the company and the ESOP enables them to control their own destiny. With the investment of a little hard work and an unbeatable team of employees, the ESOP will help steer The Blue Book Building & Construction Network into the future!"
Over the course of its 100-year history, The Blue Book Network has consistently grown in revenue, number of employees, and products and services offered. Despite recent economic conditions which severely impacted three of the industries that the company is involved with, construction, advertising and publishing. The Blue Book Network has not laid-off a single employee, maintaining its 100-year tradition of no layoffs.
For 2013, The Blue Book Network will continue in its mission to advance the industry, focusing on education through its latest offering, bluebookuniversity.com and continuing to develop web-based solutions to streamline workflow from the design phase through maintenance and renovation.
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