Bayport-based window manufacturer Andersen Corporation has sold its research and development entity-St. Paul-based Aspen Research Corporation-to a local investor group for an undisclosed amount.

Aspen Acquisition Corporation, a local investor group led by Rick Burnton, announced Tuesday that it has finalized its purchase of Aspen Research Corporation, which will retail its name and location in St. Paul. Burnton will become the company's president and CEO.

Aspen Research Corporation is a third-party research and development, lab testing, and materials manufacturing company that provides services to several industries, including medical device, specialty chemical, and bio-materials. The company was founded in 1986 and was purchased by Andersen Corporation in 1997.

Also on Tuesday, the Pioneer Press reported that Andersen recently told employees that it would not distribute profit-sharing checks in 2011 because there was not enough operating profit to share with employees.

It is unclear if the sale of Aspen Research Corporation will improve Andersen's operating profit, allowing the company to return to profit-sharing in the future. Tuesday afternoon phone calls to company representatives were not immediately returned.

According to the Pioneer Press, employees at Andersen Corporation have received a share of the company's profits every year since founder Hans Andersen initiated the program in 1914, with the exception of nine years during the Great Depression and in 2010.

In 2009, employees reportedly received profit-sharing checks that were equal to 6.5 percent of their 2008 salaries, which was a substantial decrease from the 22.5 percent profit-sharing checks they received in 2008, according to the Pioneer Press.

Andersen Corporation is among the state's largest private companies based on revenue, which totals an estimated $2.1 billion.