Profit statements

Bayport-based Andersen Corp. pays $ 31.6 million in profit sharing – Twin Cities

Employees of Andersen Corp. received good news on Friday, just in time for Christmas.

The Bayport-based window and door maker has announced it will share $ 31.6 million in profits this year. Eligible employees will receive $ 3,200 each.

The company also announced that its annual profit-sharing program will increase to $ 4,000 per eligible employee in 2022; employees, however, must be fully immunized to be eligible.

“At Andersen, we made the decision earlier this year not to institute a vaccine tenure for existing employees given everything we’ve been through together over the past 21 months,” CEO Jay Lund said in a statement. press release prepared. “Going forward, we believe it is our responsibility to take appropriate action to help reduce the impact of this pandemic on our people and communities. We have chosen to do so by encouraging current and future employees through compulsory vaccination as part of our 2022 incentive program. ”

The profit incentive payment in 2022 will be the largest the company has made since before the 2008 recession. Instead of a single year-end payment based on the company’s financial performance, it will be a fixed amount paid in quarterly installments of $ 1,000. To participate, employees will need to be fully vaccinated against COVID-19 before each quarterly payment, with limited exceptions, company officials said.

The private company Andersen, which had made incentive payments since 1914, suspended the program in 2008, citing the economic downturn. The company relaunched the program in 2014 with a slightly different model – rather than being based on each employee’s salary, the payment is tied to the company’s income.

Last year, the company distributed $ 33 million; eligible employees received $ 3,500.