Hypertherm announces $11.8 million in profit sharing
More than 700 employees are eligible for profit sharing in an amount equivalent to 35 percent of each employee’s base salary.
Richard W. Couch Jr., CEO of the welding and plasma-cutting equipment maker, is attributing the record figures to a combination of sales growth and company operations.
Hypertherm’s profit-sharing program payout has averaged nearly 24 percent of eligible associate base salary over the past 10 years. In 2001, Hypertherm initiated its employee stock ownership program, by which 30 percent of the company’s outstanding shares are distributed free to employees.
Couch noted that the company has nearly doubled in revenues in the past three years and increased its global employment base by more than 30 percent. It now has more than 800 workers.