(Left to Right) Cianbro Board of Directors: (Seated) Bud Cianchette, Pete Vigue,
and Ken Cianchette Standing) Mac Cianchette, Bruce Coggeshall, Bob Desjardins, Eli Karter, and Jim Vamvakias

PITTSFIELD, Maine — On December 31, 2004, Cianbro Corporation, one of the East Coast’s largest civil and heavy industrial construction companies, celebrates 100% employee ownership. With the year-end purchase of all remaining shares of Cianbro stock held by Founders Kenneth and Ival “Bud” Cianchette, Cianbro’s 2,000 team members are now owners of their company.

Cianbro (pronounced Chin-bro) is recognized nationally for its safety and wellness programs. With gross annual sales in excess of $300 million, Cianbro operates from Maine to Virginia with regional offices in Baltimore, Maryland; Bloomfield, Connecticut; and, Portland and Pittsfield, Maine.

Cianbro was founded in 1949 by Cianchette brothers Carl, Ken, Bud, and Chuck in Pittsfield, Maine, the small, central Maine town, which is still home to the company’s headquarters. Cianbro’s Founders, first generation Americans, initiated the teamwork Cianbro thrives on today. They believed that the people working beside them should be the future owners of the company.

Cianbro’s Profit Sharing Plan was created in 1964 and the company’s ownership transition began in 1979 with the creation of an Employee Stock Ownership Plan (ESOP). An ESOP is an employee benefit plan, which makes employees of a company the stock owners of that company. ESOPs are set up as trusts, which over time, transfer ownership of the company to its employees.

Cianbro contributes money into its ESOP to pay for shares that are now fully held by the trust for the benefit of employees. As Cianbro continues to grow the company’s net worth, every member of the Cianbro team benefits by the increased value of Cianbro stock in their retirement accounts.

“This is the culmination of a dream that started in 1964,” said Cianbro Chairman Bud Cianchette. “Long before the ESOP was a legal entity in this country, we wanted to share the profits with the people who made it happen. In 1965, we employed 80 people and the company’s first-year contribution to the Plan was $60,100, approximately 9.8% of wages. Since then, the company has contributed over $62 million to the Plan.”

Bud and Ken Cianchette are both members of Cianbro’s Board of Directors. Older brother, Carl, passed away in 1997 and younger brother, Chuck, died in 2000. “It is a tremendous satisfaction that the team members of this company have achieved what has always been a desire of we Cianchette brothers—the continuation of this company for future generations,” Cianchette said. “We congratulate them on this great achievement.”

Employee ownership fits Cianbro’s culture. Cianbro President & CEO Peter G. Vigue joined Cianbro in 1970. Working through the ranks, Vigue embraced every Cianbro project as an opportunity to learn new things and in 1991, when the time came for the Cianchette brothers to turn over the company’s leadership reins to someone outside the family, Vigue was the pick.

Vigue understands the power of employee ownership and believes Cianbro’s future is bright. “This business—any business—is all about people,” said Vigue. “Through hard work, dedication, and commitment, our people now own 100% of their company.

“This is a tremendous achievement,” Vigue added. “Our people take pride in working with our customers, everyday, to help them turn challenges into solutions. We also place great value on contributing positively to the communities we live and work in. Together, ownership and leadership is a powerful combination. Our team has their sleeves rolled up and we’re excited about the future.”

Today, Cianbro still operates by its founding philosophy: treat people with dignity and respect, your word is your bond, and give back from which you take. Cianbro’s culture remains rooted in teamwork where people and values are considered the company’s greatest assets. Reflecting back on more than half a century of growth and experience, Cianbro’s owners welcome the opportunities 2005 will bring.

Sweeping this year’s top construction industry awards—AGC’s Build America Award and ABC’s Excellence in Construction Award—and the 2004 winner of ACOEM’s Corporate Health Achievement Award, Cianbro (pronounced Chin-bro) is one of the East Coast’s largest civil and heavy industrial construction companies. Employee-owned, Cianbro is headquartered in Pittsfield, Maine, and serves the eastern seaboard from offices in Pittsfield and Portland, Maine, Bloomfield, Connecticut, and Baltimore, Maryland. Cianbro is recognized nationally for its safety and wellness programs. Founded in 1949 by Cianchette brothers Carl, Ken, Bud, and Chuck, Cianbro is one of the most diversified construction companies in the nation with gross annual sales in excess of $300 million and over 2,000 team members throughout the eastern United States. Please visit Cianbro’s web site at www.cianbro.com .