Structural steel fabrication and construction firm Lexicon Inc. of Little Rock announced it has become an employee-owned company through the establishment of an employee stock ownership plan.
In a news release, the company said it shifted to employee ownership after a review of long-term succession needs. The company’s current leadership team remains in place, and day-to-day operations will continue as usual.
The employee stock ownership plan gives eligible workers a stake in the company at no cost to them. It is structured as a trust and also functions as a retirement plan, similar to a 401(k), with shares held on behalf of employee-owners until they retire or leave the company.
Lexicon was founded in 1968 by Tom and Marge Schueck. Their son, CEO Patrick Schueck, said the shift to employee ownership is a “natural extension of the company’s family-focused culture.” The move aims to strengthen Lexicon’s future and reward the dedication of its more than 3,000 employees across the country.
“No one knows and understands this company better than the people who work here every day,” Patrick Schueck said in the release. “When I thought about the future of the business my parents built from nothing — and that I’ve been privileged to help grow — it became clear that the only way to protect our legacy was to place it in the hands of those who built it with us. Our employees have always been family, and making them owners is an honor and a joy.”
Lexicon ranks No. 3 on Arkansas Business‘ most recent list of the state’s largest commercial contractors, with $538.82 million in annual revenue. The company ranks No. 6 on Arkansas Business‘ list of the state’s largest steel production companies.
The company operates a group of brands, including Prospect Steel, Custom Metals and Lexicon Industrial Maintenance. It also has a golf course engineering unit, Heritage Links.
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