Profit sharing bonuses for Hormel, not for Marvin Windows
AUSTIN, Minn. (AP) -- Employees of Hormel Foods Corp. are enjoying a little extra cash after the food maker distributed $16.5 million in profit sharing, including to workers at the home Austin plant.
Plant manager Tim Fritz said the checks dished out last week amounted to about two weeks of regular pay.
The bonus checks were announced a day after Hormel released its fourth-quarter and annual earnings report. While the maker of Dinty Moore stew and other packaged food brands reported a 3 percent drop in profit for the quarter, full-year earnings rose 20 percent to $474 million.
Isaiah Moser has worked at Hormel for five years. He says the annual profit sharing motivates employees to keep working hard.
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An Austin Daily Herald report says the Austin plant has nearly 1,800 plant workers.
Meanwhile, Marvin Windows and Doors is not giving employees a profit-sharing bonus this year because of a slumping housing market.
WDAZ-TV reports that it's the third year in a row, and only the sixth time in 55 years, that the family owned Warroad, Minn. company has not given the bonuses.
Company president Susan Marvin says the country is in a "housing depression."
Marvin Windows and Doors has facilities in Warroad, Grafton and Baker, Ore.
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(Copyright 2011 by The Associated Press. All Rights Reserved.)