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Louisiana boss hands workers $240M in bonuses after selling his company for $1.7B
Nypost.com and 2 more
- A Louisiana-based family company, Fibrebond, sold for $1.7 billion to Eaton, with Graham Walker demanding 15% of proceeds be set aside for employees as a non-negotiable condition.
- Payouts totaling about $240 million were distributed to 540 full-time Fibrebond workers, averaging around $443,000 per person, with the money paid over five years.
- Retention bonuses were structured to reward loyalty, requiring employees to stay with Fibrebond for five years to receive the full amount.
- Walker described the employee stipulation as non-negotiable to prevent departures by long-time workers who kept the business afloat through tough times.
- Fibrebond’s Minden, Louisiana, benefited as the windfall circulated through the town, boosting local retailers and services.
- Fibrebond, founded in 1982 by Claud Walker, refashioned itself in the 2000s after a 1998 factory fire, pivoting to data-center power enclosures with a $150 million investment.
- Eaton’s acquisition of Fibrebond earlier this year enabled the bonus payout structure to be triggered for Fibrebond’s workforce.
- Retirements and new ventures emerged as some workers used bonuses to pay mortgages, launch businesses, or fund education, highlighting the personal transformations from the payout.
- Local officials reported a surge in spending as workers paid off debts, renovated homes, and covered essential needs, signaling a broader town-wide impact.
- Wall Street Journal coverage noted that Walker’s insistence on a 15% employee provision was a key driver of retention and helped frame the town’s revival narrative.
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