Globe-Union Profit Sharing
Globe-Union’s Profit-Sharing and Employees’ Savings Plan
March 7, 1953 (PD: 201303)
A Milwaukee Sentinel article from March 7, 1953 reported that Globe-Union (the predecessor of today’s Power Solutions Business Unit) contributed $357,590 for the year 1952 to its Profit-Sharing and Employees’ Savings Plan.
The Plan was established in 1949 as a way to formalize the distribution of the company’s yearly profit to all employees. Chairman of the company board of directors and chairman of the trustees for the plan, C. O. Wanvig, explained that “this fine accomplishment in the third year of the Plan’s operation was attributable to the splendid cooperation and increasing personal interest of our entire organization in the conduct of our business.”
To participate in the Plan, eligible employees deposited five per cent of their pay, with the restriction that deposits could not exceed $250 per year to ensure that higher salaried employees could not participate too largely.