Morton Grove family business uses tax savings to boost employee wages
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Longtime TMA member Sko-Die was featured this week in NAM’s Shopfloor and in a local news source, Illinois Review.
MORTON GROVE – While one party is insisting that Congress’ tax cuts isn’t benefiting the middle class, Morton Grove manufacturer Sko-Die says the exact opposite. Shopfloor, a news source for the National Association of Manufacturers, spoke with Patrick Steininger, President of the 71-year-old company, who said his team will benefit most from the tax cut.
“The first thing I did when I found out what my tax savings would be? I took that money and gave a raise to all the employees,” said Sko-Die’s president, Patrick Steininger. “It came to about 3 percent per employee, on average.”
In addition to their pay raises, Sko-Die’s 70 employees will also see their workspace updated and expanded. Steininger plans to use the company’s tax savings to make sure Sko-Die employees have access to the latest and most efficient technology available.
“The instant they passed tax reform, I bought two new pieces of equipment—a big grinder that will grind dies more efficiently and a new press that will run twice as fast,” Steininger said. “That makes us more productive, more competitive and more profitable.”
The total price for Steininger’s technology investment? “About $1 million.”
Would this have happened without the federal tax cut?
“Without tax reform, we wouldn’t have made these investments,” Steininger said. “Absolutely not.”
