Andersen announces profit sharing distribution
Andersen Corporation announced Monday, Feb. 4, that profit sharing based on 2007 business performance will be distributed to nearly 6,000 Andersen and Renewal by Andersen employees in February. The amount is equal to 22.5 percent of these employees' eligible earnings.
"2007 was definitely a challenging year given the continuing decline in the housing market, but Andersen employees have proven over and over that they have the will and the spirit to win," said Jim Humphrey, president and chief executive officer of Andersen Corporation. "Along with a broader portfolio of products that appeal to more customers, and a strong focus on creating a more competitive cost structure, we were able to deliver a very respectable profit in 2007. We are continuing one of our company's greatest traditions, which is to share the rewards of our success with those who help make it happen."
"We are fortunate that our board and shareholders continue to believe in this unique model for sharing the profits of the business that was established in 1914 by our company founder," said Humphrey. "We know that our employees make a huge difference in our business performance and this is one way we recognize their contributions."
Profits have been shared each year since 1914, with the exception of 1929-1936, when there were no profits to share during the Great Depression. It is the third oldest profit sharing plan in the U.S. According to the 401(k)/Profit Sharing Council of America, only 13 percent of large, private companies in the U.S. offer profit sharing plans.
Andersen Corporation is the largest window and door manufacturer in North America, and the Andersen® brand is the most recognized and most used brand in the window and patio door industry. The privately-owned company was founded in 1903 and has a strong history of commitment to its business partners, employees, community and environmental stewardship. Andersen markets products throughout North America and in South America, Europe, Asia and the Middle East.