Marvin employee bonuses top $11 million -- highest since 2007Employees of Marvin Windows and Doors are enjoying a holiday like they haven’t seen in several years.
By: Kevin Bonham, Grand Forks Herald
Employees of Marvin Windows and Doors are enjoying a holiday like they haven’t seen in several years.
The company, based in Warroad, Minn., is distributing nearly $11.3 million in profit-sharing funds to 2,769 employees at its plants in Warroad, as well as Grafton, N.D., and Baker, Ore.
That’s an average of $4,079 per employee.
However, not everybody gets that amount. It varies depending on factors such as seniority and position with the company, according to spokeswoman Brenda Baumann.
The $11.3 million distribution is the largest since 2007, when $13.1 million was paid to 3,479 employees.
The company did not offer any profit-sharing in 2009, 2010 or 2011 as a result of the economic recession that stalled the nation’s housing construction industry.
In 2012, Marvin shared about $800,000 in profits among 2,573 employees, for an average of about $310 per employee.
Marvin has had a profit sharing program for employees since 1957, distributing nearly $240 million over the 56 years. The record distribution was just less than $50.3 million to 3,573 employees in 2005.
Jake Marvin, company chairman and CEO, told employees at a recent annual meeting that the housing industry is slowly recovering and is projected to continue strengthening in 2014.
“We won’t yet see a return to the peaks of the last decade, but we believe the trend is clearly in a positive direction. The worst is behind us, and the future is promising,” he said in a prepared statement.
The company also announced that Paul Marvin will replace Jake Marvin as company chairman and CEO sometime in the next two to four years, according to Baumann. Paul Marvin, a nephew of Jake Marvin, currently is the company’s vice president of sales.
In his statement, Jake Marvin also honored longtime employee Kathy Fast, Warroad, who is retiring after 56 years in the company’s accounts receivable department.
“The legacy that Kathy and others like her have created for our company is incalculable,” he said. “We’re deeply grateful.”