The $3 billion private equity sale of C.H.I. Overhead Doors has created a windfall for hundreds of hourly workers at the plant in downstate Illinois, who will receive between $20,000 and $800,000 each.
When private equity firm KKR announced the $3 billion sale Monday of C.H.I. Overhead Doors to steel company Nucor, it created a windfall for hundreds of hourly workers at the plant in tiny Arthur, Illinois, who will receive between $20,000 and $800,000 each when the transaction closes.
Jamison, a 17-year veteran of the garage door company, learned about the sale and her six-figure payout at an all-employee meeting last week. The payouts vary based on seniority and salary, with some long-tenured truck drivers — the highest-paid hourly workers — hauling home upward of $800,000 from the sale.More than 630 hourly workers and truck drivers will receive an average of $180,000 through the sale, the company said.
The program has been rolled out by New York-based KKR at 25 companies in its portfolio since 2011. The garage door manufacturer, which generated KKR’s highest return on investment in more than 30 years, proved the value of the equity plan for both ownership and employees. allocated $1 million per year for enhancing the factory, investing in everything from air conditioning to new break rooms and a cafeteria.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Review: San Diego Musical Theatre's singers create big 'In the Heights' on a small stageThe Lin-Manuel Miranda musical gets a strong production in company's new Kearny Mesa theater
Lire la suite »
PayPal borrows $3 billion to help fund debt buyback planPayment provider PayPal borrows $3 billion in the bond market on Monday to help fund a $2 billion debt tender offer.
Lire la suite »
Peru demands $4.5 billion in compensation over Spain's Repsol oil spillPeru's intellectual defence body has sought $3 billion dollars for environmental damage to Peru's coast, and another $1.5 billion dollars as compensation to consumers, locals and others affected by the disaster.
Lire la suite »
Mac Miller Drug Supplier Gets 17 Years in Prison for Selling Fatal PillsStephen Andrew Walter admitted to supplying the counterfeit oxycodone pills that ultimately made their way to Miller.
Lire la suite »
IKEA to spend 3 billion euros on stores as it adapts to e-commerceIKEA retailer Ingka Group is spending 3 billion euros ($3.2 billion) through 2023 on new and existing stores, much of it to modify its trademark out-of-town outlets so they can double up as e-commerce distribution centres.
Lire la suite »