A family-owned American bearing company has lived up to its reputation as a business that treats its staff like family by giving them five-figure bonuses.
Illinois-based PEER Bearing Company has distributed $6.6 million in bonuses to its 230 US and British employees. The Spungen family sold the business to Sweden’s SKF Group earlier this year.
“My grandfather was always charitable,” said Danny Spungen, grandson of founder Nathan Spungen, who founded the business in 1941. The cheques received by staff ranged from $1,000 to $35,000 and were dependent on an employee’s length of service.
“We always knew the success of the family could not have been achieved without our employees, and we wanted to show our sincere appreciation with something extra special as we all ride through these uncertain economic times,” said relative Laurence Spungen.
PEER’s, which manufactures highly engineered precision bearings and bearing-related products, was sold in September for an undisclosed amount.
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