Alliance Material Handling Celebrates 70th Anniversary with 29 Employee Millionaires Through ESOP Program
Alliance Material Handling, a 100% employee-owned industrial equipment company headquartered in Jessup, Md., proudly announced a record-breaking update to its Employee Stock Ownership Plan (ESOP) as the company celebrates its 70th anniversary. As of today, Alliance’s employee roster now holds 29 employee millionaires, including 14 technicians, with 85 employees holding more than $500,000 in their ESOP accounts.
“This year marks two powerful milestones for Alliance – 70 years in business and 29 employee-owners who have reached millionaire status through our ESOP,” said CEO Thomas Albero. “We are immensely proud of the employee dedication that drives our success and fuels our people-first culture. These numbers reflect the strength of our team and the value of long-term ownership.”
Founded in 1955, Alliance Material Handling has evolved from a merger of Space Maker Systems, Potomac Industrial Trucks, and Mid Atlantic Power into one of the Mid-Atlantic’s leading providers of material handling solutions. With branches in Maryland, Virginia, Delaware, and Ohio – and its most recent expansion into Pittsburgh through the acquisition of Langer Material Handling – Alliance continues to grow its footprint and services while remaining true to its employee-owned roots.
Since adopting its ESOP program in 2004, the company has paid out more than $10 million in employee distributions and reduced turnover from 58% in 2016 to just 13% today. This year alone, Alliance has distributed over $2.5 million to employees through the program.
The ESOP program ensures every full-time Alliance employee is a partial owner of the company and provides:
Increased earnings: In addition to a regular salary, every full-time employee receives an ESOP account that grows in value.
Diversification in employee retirement accounts: Alliance owners have the opportunity to diversify their investments with an ESOP in addition to their 401K.
Increased employee morale: As partial owners of the company, participants of the ESOP feel a sense of pride and importance in their daily work. As employees grow, so does the company and the value of each ESOP account for every employee
As Alliance marks this 70-year milestone, the company remains committed to delivering innovative solutions and supporting the careers of its employee-owners. With more than 20 positions currently available across departments—from technicians to customer care, Alliance continues to welcome new talent into its ownership model.
About Alliance Material Handling:
Alliance Material Handling is a full-service forklift & warehouse racking dealership with four locations throughout the DC, Maryland, Virginia, and Delaware area offering: Parts, Service. Rental, Warehouse, Racking, Sales & Leasing Options and more. To learn more about how Alliance Material Handling can improve efficiency in your warehouse, please visit our website: www.alliancemat.com.
As seen in CityBiz.