Alloy Engineering Recognized as Ohio’s First ESOP in Crain’s Business

Alloy Engineering, founded in 1943 in a Rocky River home, fabricates alloy parts for high-temperature and corrosive-resistant industrial applications. It also boasts Ohio’s first Employee Stock Ownership Plan, or ESOP, established in 1974. The plan is recognized as the first for an Ohio company by the Ohio Employee Ownership Center (OEOC). At 45 years old, it’s also the long- est-running ESOP in the state.

“Today, the company is 100% owned by 100% of eligible employees,” said Lee Watson, Alloy’s president and CEO. “Every employee is eligible to be in the plan after one year of service; they’re vested fully after three years of employment.”

Click the link below to read the entire article in Crain’s Cleveland Business.

https://www.crainscleveland.com/middle-market/ohios-first-esop-was-just-beginning