“Doing it right” is the unofficial motto at New Jersey-based Metallix, one of the largest precious metal recycling manufacturers in the United States. Because of tax reform, the company is putting its money where its mouth is: growing its business and workforce and making sure its employees share handsomely in the financial benefits.
First order of business? Giving each of Metallix’s 98 workers a $1,000 bonus, an unexpected surprise that came just days after tax reform took effect.
“From the outset, the company wanted to share the benefits of tax reform with our employees,” said Maria Piastre, president of Metallix. “On February 14, every employee received a net $1,000 after-tax bonus in response to tax reform. Coming so soon after our usual end-of-year bonuses, it was completely unexpected by Metallix employees, and we were all very happy to receive it.”
Metallix wasn’t shy about tying these bonuses directly to tax reform. Each employee also received a letter from Metallix owner Eric Leiner, who explained that tax reform was going to mean a big boost to the company—and that he wanted to make sure employees were receiving their share of the good fortune. Metallix employees clearly took this sentiment to heart.
Piastre said that months after the bonuses were given out, many employees still had Leiner’s letter hung proudly at their desks.
Piastre also explained that Metallix was using some of the benefits of tax reform to grow its business—and that significant investments were now more feasible because the company’s taxes had been so substantially lowered.
While Metallix is always looking for new opportunities to grow its business, including expanding existing facilities the company owns in North Carolina, tax reform has put these efforts into overdrive.
“At our main facility in Greenville, North Carolina, we’ve increased our labor force and revamped the facility,” Piastre explained. “And we just opened up a new laboratory—which is the most modern precious metals laboratory in the country. This year, we’ve invested in a new thermal-reduction furnace—our biggest investment in five years.”
“You have to recognize opportunity and take action when you see it,” Piastre added. “Because of tax reform, we have the opportunity to accelerate our growth.”
But Piastre knows tax reform is bigger than Metallix. It’s about showing how businesses across the nation can create jobs and grow the economy when they’re given the tools to succeed by good federal policy.
“For the longest time, businesses have been saying the U.S. should be more competitive in terms of tax structure—that the government should enact policies that allow us to grow our businesses,” said Piastre. “Now that they’ve done so, it’s our turn to respond.”
“It doesn’t matter if you’re a Republican or a Democrat: tax reform is a big bet on U.S. businesses,” she stressed. “It’s time for businesses to prove that we’re serious about growing and investing in manufacturing in America and in creating more economic opportunities.”
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