PDM BECOMES 100% EMPLOYEE OWNED THROUGH EMPLOYEE STOCK OWNERSHIP PLAN
Des Moines based PDM Precast, Inc., recently rebranded as PDM, announces ESOP designed to achieve long-term growth and investment in the Company’s people, focus on clients, and growth as a firm through employee ownership model.
Des Moines, IA – July 2019
PDM, a leading manufacturer of precast concrete and steel products for the construction industry, announced that the firm is now sharing beneficial ownership with employees by becoming 100% owned by an Employee Stock Ownership Plan (ESOP) Trust. Today’s ESOP announcement marks a major long-term step in the firm’s evolution in ownership. As an employee-owned company, PDM will continue to operate under the same business model and management structure.
“I am very excited about leading PDM into the future through our Employee Stock Ownership Plan. People are the core of our business, and it is extremely important to us that we reward our employees for their passion and steadfast dedication to quality, safety and customer service by connecting our everyday work to a higher purpose while also retaining our unique people- and client-focused culture,” said Adam Petersen, President of PDM. “With our ESOP, PDM is redefining what it means in our company to put employees first. We always ask our people to fully understand our clients’ needs and think like ‘owners’ when delivering our solutions. Now our people really are owners.”
Petersen founded PDM with three partners and 32 total employees in early 2012. The previous ownership team will all continue with PDM and no changes in management or operating philosophies are anticipated. “We value the culture we have created here at PDM and the move to an ESOP enhances that culture”, Petersen said.
Founded in 2012, PDM is a Midwest-based producer of prestressed, precast concrete as well as structural and miscellaneous steel products. With a unique offering, PDM is able to be a single source provider for building superstructures on major projects in the midwestern United States.
PDM is the brand name referring to the organization of PDM Precast, Inc. and its business units PDM Precast and PDM Metals.
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