We’re Proud to be Officially Named: Malco Products, SBC

Malco Tools USA

On April 24, 2014, the Minnesota legislature passed the Minnesota Public Benefit Corporation Act, which was signed by the governor and become effective on January 1, 2015. With the enactment of this legislation, Minnesota joins about two dozen other states that offer a specific statutory option for the organization of for-profit but socially minded businesses. By electing to become a public benefit corporation, a corporation will be obligating itself to pursue general or specific public benefits among their primary objectives. Incorporating as a public benefit corporation will be one method that socially minded businesses can use to distinguish themselves from other entities.

What Is a Specific Benefit Corporation?

There are two kinds of Public Benefit Corporations; a General Benefit Corporation and a Specific Benefit Corporation. Malco is proud to be a Specific Benefit Corporation. A specific benefit corporation is a public benefit corporation that states in its articles a “specific public benefit” purpose it elects to pursue. “Specific public benefit” means one or more positive impacts, or reduction of a negative impact, on specified categories of natural persons, entities, communities, or interests, other than shareholders. This narrower obligation (than a general benefit corporation) allows the specific benefit corporation to focus its mission on one or more explicit benefits without the general societal concerns required of general benefit corporations.

Our Pledge to You

As a specific benefit corporation, Malco has pledged to keep jobs for their community in Annandale, Minnesota, and to provide as many jobs as possible for the people of their community. Malco has always been proud of its roots as a Minnesota company, and takes great satisfaction in employing so many people in Annandale and the surrounding area.

We’ve always been proud to be the nation’s leading manufacturer of “tools of the trade” for HVAC, and to continue our founder’s tradition of leadership and innovation by addressing a changing industry landscape and responding to emerging market needs for new specializations and more customized products and services. And now we’re thrilled to “officially” work to keep jobs local for our community that we are so proud to be a part of.

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