Andersen Corp. employees got good news on Thursday, just in time for the holidays.
The Bayport-based window and door manufacturer announced it had shared $41.5 million in profits in 2022. Eligible employees received $4,500 apiece – $1,000 per quarter, plus a $500 bonus this week – but employees had to be fully vaccinated to qualify.
The 2022 profit sharing was an “acknowledgement of the company’s exceptional performance in a very challenging market,” CEO Chris Galvin said in a statement. “(The company) had another year of strong growth, and these extraordinary results were only possible because of the hard work, agility and perseverance of our team members.”
Galvin, who also serves as the company’s chief operating officer, became CEO in September.
Company officials said Thursday that the company plans to share at least $36 million in profits next year. Eligible employees will receive $4,000 apiece, but they will not need to be fully vaccinated to qualify for profit sharing, said Aliki Vrohidis, a company spokeswoman.
“While we still believe COVID-19 vaccines are an important defense against critical illness and death, the state of the pandemic has evolved to a place where we no longer believe it is necessary to make vaccination a requirement for profit sharing in 2023,” she said.
This year’s payout was a 25 percent increase over 2021 and a 123 percent increase over the company’s profit sharing payout from just five years ago, company officials said. In 2021, the company distributed $31.6 million; eligible employees received $3,200.
Privately held Andersen, which had issued profit-sharing payments since 1914, suspended the program in 2008, citing the economic downturn. The company revived the program in 2014 under a slightly different model — rather than being based on each employee’s salary, the payout is shared equally.
Andersen officials also announced Thursday that the company and its related corporate foundation donated nearly $5 million in 2022 to nonprofits “working in the areas of housing, education, hunger and health care in communities where Andersen employees live and work.”
“At Andersen, we take great pride and responsibility in supporting organizations doing the hard work in our communities to help ensure individuals and families can thrive,” Karen Richard, senior vice president and chief human resources officer at Andersen, and president of the Andersen Corporate Foundation, said in a statement.
The company has nearly $3.5 billion in annual revenue and has more than 13,000 employees in sites across North America and Italy. About half of the company’s employees work in Minnesota at facilities in Bayport, Oak Park Heights, Cottage Grove and North Branch.
Marvin Windows and Doors, based in Warroad, Minn., announced Thursday that it would be sharing more than $12.5 million in profits among its 7,062 employees across all Marvin locations this year. That works out to be about $1,770 per employee.