It’s been a sweet year for employees at the J.M. Smucker company in Orrville, Ohio! Following the Republican tax reform in December, the 120 year old, family owned jam company announced company-wide improvements with their extra cash on hand.
Credited to the GOP tax reform, 5,000 of their 7,000 employees were given a one-time bonus of $1,000 each and the company announced it will make an additional $20 million contribution to their employee pension plan. In addition to the investments in their own people, Smucker’s decided to take a portion of their unexpected tax return and give back to the community. Charitable contributions in 2018 will be increased by $1 million dollars from 2017. Smucker’s regularly supports nonprofitssuch as Feeding America, the Boys and Girls Clubs, and the American Red Cross Disaster Relief as part of their mission to carry out corporate responsibility in the community.
“We had a strong third quarter, with sales growth for key brands in every business and strong earnings per share growth fueled by the benefits of U.S. income tax reform and ongoing cost discipline,” said Mark Smucker, Chief Executive Officer, in the announcement of charity investment and employee bonuses. “These results reflect our commitment to delivering top and bottom line growth and supporting our portfolio of iconic and emerging brands. In addition, the benefits of income tax reform provide incremental fuel to invest in our growth initiatives and support our employees and communities as well as opportunities to increase cash returned to shareholders.”
This Ohio company is doing great things with their tax return! Stay up to date with American Jobs and Growth for more news on the Trump Economy and GOP Tax Cuts!