100% Employee-owned company now boasts 25 millionaires – including 10 technicians – in ESOP program: 76 employees with more than $500K in plan.
JESSUP, Md. (June 12, 2024) – Alliance Material Handling, a Jessup, Md. – based industrial equipment company, today announced their latest Employee Stock Ownership Plan (ESOP) statistics, highlighted by a record number of 25 employees with at least $1 million in stock ownership. The company currently has 286 full-time employees working in locations throughout the mid-Atlantic region. Today’s announcement follows the company’s annual review of their ESOP program.
“We are thrilled to announce that Alliance Material Handling now has 25 employees who are millionaires through our ESOP program,” said Alliance Material Handling CEO Tom Albero. “Perhaps even more exciting for us: 76 employees are well on their way to this remarkable milestone, as they boast more than $500,000 in stock ownership. We are proud to be an employee-driven and employee-owned company.”
Alliance Material Handling, a full-service forklift and warehouse racking dealership, has seen remarkable success since implementing the ESOP program for their employees in 2004. Over the past 20 years, the company has paid out over $10 million in employee distributions. In addition, and in large part due to the popular program, the employee turnover rate has decreased from 58% in 2016 to 6%, currently. Alliance has paid out more than $2.5 million this year alone to employees.
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.
