Throughout our years of business, Coldstream’s primary constant has been our outstanding employees. So when president Howard A. Schillinger began considering his exit from the business, he wanted to make sure his team was taken care of — and he did in September of 2021, when the business implemented an Employee Stock Ownership Plan (ESOP).
Schillinger realized that if he sold the company to private equity or another trucking company, the company’s employees would likely be forced to relocate. All 60 of the business’s employees are from Pittsburgh, so Schillinger wasn’t going to put their jobs in jeopardy if they did not wish to leave the area.
An ESOP rewards the employees with an ownership stake and an extraordinary advantage for their retirement.
Dansko Shoes, Bradford White Water Heaters and Sheetz are among the more than 300 other companies in Pennsylvania that are either partially or fully employee owned. Nationally, 5,000 other companies have ESOPs.
“Coldstream’s reputation and legacy is because of our employees, and they deserve to have ownership of that.”
– Howard A. Schillinger