Allied Motion, an electromagnetic components manufacturer that sells through electrical and industrial distributors, announced that it will change its name to Allient Inc.

Shareholders approved the corporate name change during a special meeting on August 11. The new name will be effective August 23. At the opening of the markets that day, the company’s shares will commence trading under the new ticker ALNT on the Nasdaq, the company said in a news release.

“The name change builds off the success we have demonstrated in the motion industry and reflects the evolution of our technology portfolio into a broader set of motion, controls and power solutions,” said Dick Warzala, Chairman and CEO. Short for Allied Nexus Technologies, ‘Allient’ captures the value opportunity that exists at the nexus of the three technology pillars and recognizes the unique capabilities the combination offers.”

The announcement comes about six weeks after the company said that Robert P. Maida, Senior Vice President and Group President, will retire Sept. 30 after more than a decade with the company.

Earlier this month, Allied reported its earnings from 2023’s second quarter, during which revenue increased 20%, or $24.0 million, to a record $146.8 million. The company said the increase reflected higher demand across most target markets and incremental revenue from acquisitions completed during last year’s second quarter.

Gross margin for 2Q 2023 was 31.3%, with operating income up 60% to a record $12.0 million, up 210 basis points. Net income was up 48% to $6.8 million, or $0.42 per diluted share.