AFTER 78 years as a family- owned and operated business, Shaw Contracting has been sold out of the family.
The Whitemore business that has been run by Alwyn and Judy Shaw for the past 20 years has been taken over by a syndicate of 12 owners.
Shaw Contracting chairman David Quinn said the new stakeholders had contributed to the company's growth and success and would continue the family feel, values and visions for the future.
The company name will also remain.
Mr Quinn said the new team took over in August, but wanted to make sure everything was sorted before it was announced officially.
"The new owners and the management team are looking forward to the challenges ahead as we work with our clients, suppliers and other stakeholders to enhance the business and continue the proud Shaw tradition of creating jobs and wealth for Tasmania," he said.
Hugh Maslin has been appointed chief executive of the company and returns to Shaws after working with Venarchie Contracting for the past four years.
Winton Maher has been named chief financial officer and recently joined the company from Pitt and Sherry.
Mr and Mrs Shaw have left the civil contracting industry to retire.
Mr Quinn praised them for their hard work and creating thousands of jobs in Tasmania.
Shaw Contracting is completing roadworks near Symmons Plains, working on Bridport's main road, and at Dunns Creek Dam.
The company has more than 100 employees and 100 contractors.