From the Daily Mail, December 26:
More than 500 workers at a Louisiana factory walked away with six-figure bonuses totaling $240 million after their boss fought for them when he sold the company for $1.7 billion.
Graham Walker, who is set to step down as CEO of Fibrebond on December 31, told prospective buyers he would only sell the company his father founded if they earmarked 15 percent of the proceeds for the company's employees.
The requirement was non-negotiable, Walker told the Wall Street Journal, arguing that without the stipulation, his employees - who did not own stock in the company - would walk out.
Ultimately, executives at power management company Eaton agreed to Walker's terms, and in June, 540 full-time Fibrebond workers began receiving payouts averaging $443,000, to be allocated over the next five years.
Long-time employees received even more.
When each worker started receiving their bonus amounts in envelopes, some were overwhelmed with emotion, while others thought it was a prank.
Lesia Key, a 29-year veteran at the factory who started in 1995 making $5.35 an hour, broke down when she opened her letter.
'It was surreal, it was like telling people they won the lottery. There was absolute shock,' recounted Hector Moreno, a business development executive at Fibrebond.
'They said, "What's the catch?"'....
....MUCH MORE
