Gund Co. says it has grown 18% a year for a decade with no layoffs

The Gund Co., a family-owned maker and recycler of industrial insulation materials based in St. Louis, has averaged 18% annual growth for 10 consecutive years and has never laid off an employee, Around Prague reported on October 26, 2026, citing an American business publication.

The company employs 1,300 people and has annual revenue approaching $400 million, with customers including General Electric and Rockwell Automation. It supplies materials used in energy, aviation and aerospace. It was founded in 1951 by Ed Gund, a former candy salesman, and is now led by his grandson Steve Gund, 55, the third generation of the family in charge. His brother Rich is chairman and chief operating officer.

When the brothers joined full time in the early 1990s, revenue was $2.7 million and nine of 20 employees were family members. Steve and Rich's father, Paul, started an employee stock ownership plan in 2009; by 2025, employees owned 30% of the company through it. In 2026 the company spent tens of millions of dollars buying back shares from the plan.

Starting pay for a worker averages $55,000 to $65,000 a year before overtime and profit sharing, and margins have doubled in 10 years. Turnover among US employees is below 10%, though it is highest among first-year hires. Executives from more than 200 companies have toured the plant.

This story was first reported by Around Prague.