Portland, ME – On January 31, 2020, AlliedCook Construction announced that the company has moved to the ESOP model of ownership, providing employees with the opportunity to obtain shares in the company. The announcement reflects the company’s status as a robust, growing organization.
A family-owned company for more than six decades, AlliedCook leadership opted to move to an employee-owned model as a way to more directly reward employees for their involvement in the company’s success. The move to ESOP is a natural transition for AlliedCook, as it builds on the company’s existing values and culture.
“The ESOP model of ownership fits well with our current company culture that emphasizes teamwork and a comprehensive standard of excellence in which everyone plays a part,” said Matthew Cook, AlliedCook President. “By converting to an ESOP model, we’re able to ensure that all who play a part in AlliedCook’s success are able to reap the benefits.”
“We have a strong, unified company culture and this a way to further reward our employees for their everyday investment in our success,” explained Daniel Cook, Executive Vice President of AlliedCook. “We were pleased to see a positive response from the AlliedCook team when we made this announcement.”
The ESOP provides an opportunity for general financial benefit as well as increased retirement savings for employees. The ESOP plan is in addition to the 401K plan already offered to employees by AlliedCook.
The conversion to ESOP will not affect the current management team. Matthew and Daniel Cook, grandsons of the company’s founder, will remain at the helm of the company and involved in the day-to-day management of construction projects.
About AlliedCook: For over six decades, AlliedCook has been providing high-quality commercial construction services in Maine, New Hampshire and throughout New England. The company’s founder, Donald Cook, led the company until 1977, guiding the growth of AlliedCook as the company established a reputation as one of the region’s premier commercial construction firms. When Donald Cook passed away in 1977, his son David took over as President. David’s sons, Matt and Dan now lead the firm as President and Executive Vice President. They are committed to upholding the values that have been passed down from their grandfather and father – doing things the right way to best serve clients and provide exceptional project service.
