by: Thomas, Karen
Source: Owners At Work, Summer 2006, 6-7
Extending ownership to all employees, involving all in managing the business and tying the compensation to profits brought a renaissance to Alloy Engineering twenty years ago. Since then, Ohio's oldest ESOP has maintained a spirit of universal participation while constantly evolving the datials of its management. Headquartered in Berea, the company was founded in 1943 by Paul Menough at the age of 65 in the attic of his home in Rocky River, Ohio. A mechanical engineer and foundry expert who had a successful career in engineering sales, he started the enterprise because he was interested in using new alloys to improve high temperature metal casting processes.
Menough's ideas are recognized today as important innovations in the annealing industry.
Lou Petonovich, Alloy's President, explained, 'As a custom job shop, we continue to develop innovative uses of alloys for the design and manufacture of on-of-a-kind exotic products and high precision fabrications.' The firm has 75 employees at its Berea location.
Link: Ohio's Oldest ESOP
Publication Date: 2006-06-01