Polaris $13.6M Profit-Sharing Payout Sets Record
Just a week after Polaris Industries, Inc., announced improved annual financial results, the recreational vehicle manufacturer said it would issue $13.6 million in profit-sharing checks to employees.
The company said that the $13.6 million-which is a record profit-sharing figure-will be shared among about 2,250 hourly and non-salaried employees in a cash payment. On average, each of these employees will receive nearly 19 percent of their annual pay base.
Medina-based Polaris will also distribute profit-sharing payments to each of its full-time salaried employees.
“We delivered strong performance and posted record results in 2010, and it feels good to reward the hard work and dedication of our employees,” Scott Wine, Polaris CEO, said in a statement. “It is fundamental to our culture that all employees share in the success they worked so diligently to create.”
The company also said Monday that it will distribute $8.1 million worth of Polaris stock that will be contributed to employees' retirement plans.
Polaris, like many manufacturers in the state, has struggled amid declining consumer spending-but the company's 2010 annual results showed improvement.
Sales for the year increased 27 percent to $1.99 billion and the company posted a 46 percent increase in its 2010 net income.
The company has recently made restructuring moves to cut costs and strengthen its balance sheet.
In May 2010, the company announced that it was closing its manufacturing facility in Osceola, Wisconsin, as part of a realignment that resulted in the loss of about 515 jobs. The company also said it will upgrade its production facilities in Roseau-where snowmobiles, all-terrain vehicles, and Razor products are assembled-and in Spirit Lake, Iowa, where Victory motorcycles and some other vehicles are assembled.
It also announced at that time that it will open a new facility in Mexico, likely in the Monterrey/Saltillo area, during the first half of this year.
Polaris is among the state's 30-largest public companies based on its 2009 revenue, which totaled $1.57 billion.