More than 500 workers at a Louisiana manufacturing company called Fibrebond received unexpected six-figure bonuses this year after their CEO insisted employees share in the proceeds of a multibillion-dollar sale.
Fibrebond, a modular construction firm based in Minden, was acquired earlier this year by power management company Eaton for $1.7 billion. As part of the deal, former CEO Graham Walker required that 15% of the sale price — roughly $240 million — be set aside for the company’s 540 full-time employees, even though none held company stock. Read more at blackenterprise.com.
