Andersen Corp. will issue $17 million in employee profit-sharing after a strong finish to 2016, company officials announced Friday.
The Bayport-based window and door maker said each eligible employee will receive $1,790, which is a 12 percent jump over last year’s payout.
“Andersen employees have a strong sense of ownership of the business and profit-sharing is an important way that we recognize the team’s commitment and dedication,” said Andersen CEO Jay Lund.
Andersen’s profit-sharing history dates back more than 100 years. Andersen, with annual revenue of $2.5 billion, was founded 114 years ago.
Friday’s news was met with employee celebrations across the company. Andersen has enjoyed a strong comeback since the Great Recession and the housing crisis that dampened demand for new home products nearly a decade ago.
With the recovery in housing and rock-bottom interest rates, new home sales and remodeling projects have rebounded, helping Andersen and a host of other Minnesota-based product makers.
Last year, Andersen opened a $38 million expansion to its Renewal by Andersen plant in Cottage Grove with a pledge of 200 additional hires.
In 2015, the company added 100 new workers to its Bayport plant and announced the expansion of its North Branch factory.