Family Business Gives $6.6 million in Bonuses to Workers
Posted on November 29, 2008 Comments (2)
The PEER Bearing Company (a manufacturer of bearings based in Illinois) was bought out by a Swedish company this year. The family that had owned the company gave surprise bonuses of $6.6 million to the 230 employees of the company (an average of over $28,000).
family thanks employees with surprise bonuses
On the day the checks were distributed, Valentin Dima watched as co-workers broke down in tears over their bonus checks. He drove home first, then opened his envelope: $33,000. His wife received a check for a smaller amount, and the two Romanian immigrants have since taken a Caribbean cruise to celebrate.
…
The new owners intend to operate the company based 40 miles north of Chicago as a wholly owned subsidiary. Workers have been told that most will keep their jobs.
A small bit of good news for these troubling times. It is nice to see true respect for people being practiced. The family also created the Spungen Family Foundation, 2 years ago.
Related: Tilting at Ludicrous CEO Pay 2008 – Focus on Customers and Employees – People are Our Most Important Asset – Manufacturing Continuous to Increase in the USA
Categories: Management, Respect
Tags: bonus, jobs, Manufacturing, respect for people
2 Responses to “Family Business Gives $6.6 million in Bonuses to Workers”
Leave a Reply
RSS Feed
February 15th, 2009 @ 5:02 pm
[...] is similar to a story I posted last November: Family Business Gives $6.6 million in Bonuses to Workers. I both cases long time owners sold their company to a foreign buyer and then gave a significant [...]
March 12th, 2009 @ 12:44 pm
“FreeWave is sharing $9 million of investors’ money with its fewer than 100 employees as a reward for the company’s success…”