Family-owned firm gives $6.6M in bonuses

WAUKEGAN, Ill., Nov. 28 (UPI) -- The founding family that just sold PEER Bearing Co. announced Friday it is distributing $6.6 million in bonuses to its 230 U.S. and British employees.

The company, based in Waugegan, Ill., also has workers in China and Thailand who will receive bonuses from a separate fund.

"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 Laurence Spungen, who announced the "thank you" with his wife Florence and their four children.

The family sold the 67-year old international ball bearing manufacturer recently to SKF Group of Sweden.

The bonuses, based on each employee's years of service, are in addition to the company's profit-sharing payments and 401k contributions, the family noted.

Daughter Debbi Spungen said some employees became emotional when they learned of the gifts.

"There was more than a little crying," she said. "One woman told me her husband has been out of work and the bonus will relieve a lot of financial pressure. Another woman was able to provide money for her elderly father to have surgery and said the money was 'a gift from heaven.'

"A warehouse employee, who is a single father whose wife died of cancer four years ago, had tears welling in his eyes after opening the envelope with the check," she said. "Another warehouse worker said he was able to pay off his mortgage."