Andersen Employees Share Profits Through ESOT
BAYPORT, Minn.--(BUSINESS WIRE)-- For more than 100 years, Andersen has shared its success with employees in a number of ways - including a generous pension and retiree medical program, 401(k) matches, an employee stock ownership trust (ESOT), and profit sharing.
"While adjusting to this historic housing market recession has been challenging, I am proud of what our employees have accomplished these past several years," Andersen President and CEO Jay Lund said. "We have grown market share, kept the company profitable, made important investments in our future and fulfilled commitments to all stakeholders including our employees."
Andersen and each of its five divisions were profitable in 2012 and have been every year since the recession began. Despite that, after making our investments and meeting our obligations, the remaining profits did not reach the level of profitability necessary to pay profit sharing under the traditional plan.
"Unique to Andersen in our industry is that our employees own a significant percentage of the company through our Employee Stock Ownership Trust," Lund said. "Although we have not paid traditional profit sharing since 2008, over the past five years, Andersen has paid more than $20 million in dividends to employees participating in the ESOT."
Based on Andersen's year-over-year gains in sales and profits, Lund believes the housing market is seeing the early stages of a sustained recovery. "I remain confident the investments we've made in our business are gaining traction and Andersen's future looks bright."
ABOUT ANDERSEN CORPORATION
Headquartered in Bayport, Minnesota, Andersen Corporation includes Andersen® brand windows and doors, Renewal by Andersen®, and Silver Line Building Products. Andersen employs 9,000 people in locations across North America with sales worldwide. Andersen received the 2012 ENERGY STAR® Sustained Excellence award for its ongoing commitment to sustainability. Visit us at corporate.andersenwindows.com.
"Andersen" is a registered trademark of Andersen Corporation. All other marks where denoted are marks of Andersen Corporation. "ENERGY STAR" is a registered trademark of the U.S. Environmental Protection Agency.
Laurie Bauer, 651-264-5483
KEYWORDS: United States North America Minnesota
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