State Mill Profit SharingAfter a record year at North Dakota's state-owned flour mill, workers will split up more than $1.2 million in profit-sharing payments.
By: Associated Press, WDAZ
BISMARCK, N.D. (AP) - After a record year at North Dakota's state-owned flour mill, workers will split up more than $1.2 million in profit-sharing payments.
The Grand Forks mill has about 130 employees. Mill President Vance Taylor says they'll get an average profit-sharing payment of about $9,500. They're being handed out at an employee picnic Tuesday night.
The mill recently reported a record profit of $13.2 million for its last budget year.
The payments will be 18.6 percent of the earnings of every employee who worked at least 1,000 hours at the mill last year and was still an employee on June 30.
In the past decade, profit-sharing payments have averaged just over 6 percent each year. The mill didn't make the payments in the last two years, because it lost money.