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McCarthy Building Chairman Sells Stake

April 16, 2002|A Times Staff Writer

McCarthy Building Cos., one of the oldest privately held construction firms in the United States, said Chairman Michael M. McCarthy has sold his majority ownership interest in the building company to the firm and its more than 2,000 employees.

McCarthy, the great-grandson of company founder Timothy McCarthy, was the final family member to have an ownership interest in the firm, which ranks as one of the nation's largest general contractors, with annual revenue exceeding $1.2 billion. The value of the sale was not revealed. The firm was founded in 1864.

When the deal is completed, the St. Louis-based firm will be 70%-owned by a McCarthy employee stock ownership plan and 30% by company managers.

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