[Vision2020] Buyout Brings Bonuses

[Tom Hansen]

Nowadays with the uncertain economy and heartless corporations seeking 
handouts, it's refreshing to read . . .

>From today's (November 29, 2008) Spokesman Review -

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Buyout brings bonuses 
Illinois company's former owners thank employees with surprise checks
Carla K. Johnson, Associated Press
 
CHICAGO – Even though employees at the Peer Bearing Co. no longer work for 
the Spungen family that recently sold the Waukegan-based ball bearings 
maker, they still received a turkey each this Thanksgiving in keeping with 
tradition.

But even better was the gift that came in mid-September, when the Spungens 
threw a party to celebrate the company's acquisition by a Swedish company.

They gave away $6.6 million in year-end bonuses to Peer's 230 employees, 
decided by a formula based on each worker's years of service.
 
"My grandfather was always charitable," said Danny Spungen, grandson of 
Peer founder Nathan Spungen. He said Laurence and Florence Spungen and 
their four children decided on a bonus formula a year before the 
acquisition closed.

He said the decision was "a gamble that we would come out OK as well."

Family members signed two thank you cards to each employee, one in Spanish 
and one in English, expressing gratitude for "the loyalty and hard work of 
our employees over the years."

"They treated us like extended family," said Maria Dima, who works at the 
company along with her husband, Valentin. "We won the lottery."

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.

"This company gave us stability, so we dare to spend some money on such a 
thing," Valentin Dima said.

While neighbors and friends faced new financial strains, the bonuses have 
helped Peer employees breathe easier.

"I know people who work for corporate America are not going to get treated 
like that. And most of the family-owned businesses are not going to treat 
you like that," said Dave Tiderman, who received $35,000. "This is 
something that just really doesn't happen."

Tiderman, who started at Peer in 1985 and worked his way up from the 
warehouse to assistant product manager, said most of his bonus will stay 
in the bank because of the uncertain economy.

"I do have to put some tires on my truck," he added.

Jose Rojas, who works in Peer's customer service department, said he plans 
to save his $10,000 check for his son's college education.

Peer made $100 million in sales last year and was acquired for an 
undisclosed amount.

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.

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Seeya round town, Moscow.

Tom Hansen
Moscow, Idaho
 
"For a lapse Lutheran born-again Buddhist pan-Humanist Universalist 
Unitarian Wiccan Agnostic like myself there's really no reason ever to go 
to work."

- Roy Zimmerman


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