Marvin says it will share profits with employees despite difficult year
Profit sharing is key part of company's history
WARROAD, Minn. • After rebounding from a significant drop in sales early in the pandemic and avoiding layoffs, Marvin, a window and door manufacturer, said it still plans to share profit with its employees.
CEO Paul Marvin said that $15,326,676 in profits would be shared among 5,841 employees across all Marvin locations.
A 63-year tradition, profit sharing began at Marvin in 1957 and is a key part of Marvin’s history of giving and a core tenet of the company’s purpose and values . In its announcement the company said despite the challenegs of 2020, Marvin is able to share more profit than in 2019, "thanks to swift pandemic response plans, a continued commitment to the safety of all the company’s team members, and a workforce that is truly stronger together."
Marvin’s employees adopted many different ways of working this year, and the company’s annual meeting this month was also different: It was completely digital, foregoing its community-based gatherings for the first time in 63 years.
“I am most proud of the resiliency and adaptability of our teams,” Presdient Darrin Peterson said. “Each of us worked through our own personal challenges and at the same time adapted to new ways of working. We found new ways to thrive, accepted change, and persevered through some notably difficult times.”
Paul Marvin echoed similar gratitude throughout his update on the business.
“Product quality was strong, we experienced one of the best safety years in our history, and record sales came in across the enterprise,” he said. “The common thread that ties all of these accomplishments together is our people. Our actions and attitudes in the face of pressure this year put us in a great position for the year to come.”