Manufacturers are using their tax reform savings to boost their businesses, invest in their workforce and expand their facilities—just as manufacturers promised they would. Just this week, Carpenter Technology announced that it will invest $100 million in its Pennsylvania manufacturing facility thanks to help from the tax reform law, while spice manufacturer McCormick & Co detailed plans to award bonuses and wage increases to employees with its savings.
Hose fittings and accessories manufacturer Dixon Valve is the latest to invest its tax reform savings back in its workforce.
House Speaker Paul Ryan (R-WI) visited Dixon Valve—a manufacturer employing more than 1,000 workers with operations in 14 states—last year to advocate tax reform and to discuss the potential benefits for manufacturers with the company’s workers and leaders.
This week, Dixon Valve announced that it plans to award $1,000 bonuses to its employees:
And this month, those employees are seeing what he meant. On March 14, Dixon Valve—one of a handful of job creators Speaker Ryan visited last fall to discuss what tax reform would mean for American manufacturers—announced a $1,000 bonus for each full-time American employee who had been with the company for a year “as a direct result of the new tax law and reduced regulations.”
In the company’s letter to employees, CEO R.L. Goodall referenced those policies and the speaker’s visit in October: “Speaker Ryan expressed admiration for companies like ours which continue to create products in the U.S. and employ U.S. citizens. He listened to our concerns and spoke about giving U.S. businesses and workers a competitive advantage through comprehensive tax reform. Today, our country’s leaders are helping U.S. businesses become more competitive again.”
During Speaker Ryan’s visit last year, National Association of Manufacturers President and CEO Jay Timmons held a Facebook Live conversation about manufacturing and tax reform with Speaker Ryan and Goodall.
Live with NAM CEO Jay Timmons, Speaker Paul Ryan, and Dixon Valve CEO Dick Goodall
Posted by National Association of Manufacturers on Thursday, October 5, 2017
Timmons also discussed the importance of tax reform to manufacturers like Dixon Valve with Fox Business.
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