Judges Name Southeast Michigan Organization as One of
"The Principal 10 Best Companies for Employee Financial Security"
(Des Moines, Iowa) - By providing financial security in what some are calling a recession, The Spiratex Company, based in Southeast Michigan, has earned national acclaim for standing by its employees.
An independent judging panel of employee benefits experts named The Spiratex Company as one of the 2008 winners of The PrincipalÂ® 10 Best Companies for Employee Financial Security; citing its generous health care and retirement benefits.
"At a time when many employers are challenged to maintain strong benefits, The Spiratex Company is demonstrating a rock solid commitment to give its employees an edge on their financial futures," said Renee Schaaf, vice president at the Principal Financial Group. "The Spiratex Company understands that benefits are more than a cost, they are an investment in any organization's greatest asset: its employees. We are proud to showcase The Spiratex Company as an exceptional role model."
The Principal Financial GroupÂ® sponsors the national program, which is now in its seventh year. It honors growing companies for their commitment to their employees' financial security.
"We selected Spiratex based on the overall excellence of their employee benefit programs" said Dan McCarthy, consulting actuary, Milliman, Inc., and judge of The Principal 10 Best Companies-2008.
The Spiratex Company has 127 employees and is a manufacturer of custom thermoplastic extrusions.
"We're very honored to be chosen as one of The Principal 10 Best Companies," said Robert Racey, president and general manager, The Spiratex Company. Racey believes the company's outstanding benefits give them a competitive edge. "We are a custom thermoplastic extrusion house. There are many jobs where we have to rely on experience-maybe we only do them once every five years. We need to retain our employees. We gain a competitive edge because we have such an experienced staff and a relatively low turnover rate."
A summary of best practices gleaned from The Spiratex Company and other winners will be published and available in January 2009 at www.principal.com .
About The Spiratex Company
The Spiratex Company was founded in 1955 in Dearborn, Michigan. The founders began by designing and building specialized mechanical and electrical devices. Over the years, their ingenuity and creativity led them into extruding plastic, which has become the company's sole dedication. The ever changing challenges in the plastics industry continue to fulfill their desire to innovate. They have worked closely with Dow and DuPont developing new extrusion grade plastics and were the first to extrude a shape using UHMW/PE (Ultra High Molecular Weight Polyethylene). Their exceptional engineering and manufacturing staff have solved problems for companies in many industries. The U.S. Dept. of Defense relies on Spiratex for a special Polyurethane tube that others are not capable of manufacturing. The employee-owned company prides itself on its exemplary work ethic and dedication to problem-solving. Today, Spiratex operates out of two plants in Romulus, Mi. and Monroe, Mi. They run 130 extrusion machines 24 hours a day. For more information, visit www.spiratex.com
About The Principal 10 Best Companies Program
The Principal 10 Best Companies is a national program that recognizes small- and medium-size companies that excel at giving their employees a financial edge. Entrants must
o Have between 5 and 1,000 employees
o Be based in the United States
o Have provided a broad range of employee benefits for at least five years
o Offer traditional employee benefits such as retirement, health, life or disability
No entry fee is required. Companies owned by employees of The Principal are not eligible to enter. For more information, visit www.principal.com/10best.
About The Principal Financial Group
The Principal Financial GroupÂ® (The PrincipalÂ®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $308.0 billion in assets under management and serves some 19.0 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.