MANHATTAN, Kan. (AP) _ A company that supplies construction materials has split a $210 million stock donation among Kansas State University, Oklahoma State University and the University of Oklahoma.
Oklahoma City-based Dolese Bros. Co. recently announced the gift after completing the stock distribution. The supplier of ready-mix concrete, crushed stone, gravel and sand is using the gift as a way to transfer ownership of the company to its employees.
Here's how it works: The company is gradually buying back the stock from the universities. Until the buy-back is complete, the universities own the company, although they have no voting or operational rights. The universities spend the buy-back payments _ at least $500,000 annually per school _ to help more students earn engineering degrees.
The unusual gift was the vision of the company's late owner, Roger Dolese.