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Kalb Construction Co.'s two principals, who have jointly owned and run the family business since 1980, are parting ways.
The two principals are Kalb brothers George and Steve. Their father, George F. Kalb, who died in 2003, started the firm in 1963. Kalb Construction Co. is responsible for more than 1,000 projects throughout Southern Nevada, including the Harrah's Entertainment office building, Hacienda Business Park and the Dolphin Habitat at The Mirage.
George and Steve Kalb each had a 50-50 stake in Kalb Construction as well as its sister firm, Kalb Industries, which specializes in remodeling and repair work. George bought out his brother's share in Kalb Construction for an unspecified amount, while relinquishing interest in Kalb Industries. Both will continue to' share office space at 5670 Wynn Road as well as administrative support for the next three years under the terms of the deal.
Both brothers have sons involved inthe businesses. Their separation was partly motivated by a desire to give family members an ownership stake. Steve will now serve as president of the 32-year-old Kalb Industries, which had $12 million in billings last year....