Wed, Nov 29, 2006
4,000 Machinists Will Each Receive $61K Bonus
Here's a tale of some
holiday cheer for some 4,000 workers in Wichita, KS. A successful
initial public offering last week of stock in Spirit AeroSystems
will result in a very nice Christmas bonus for machinists at the
How much? Try $61,440 and change in cash and stock, before
taxes, for each employee. Machinists working under a new contract
will receive a cash payout of $34,556 in cash before the end of the
In March 2007, they'll each receive the balance in 1,034 shares
of Spirit's Class A common stock at $26 per share. That's the price
the stock was set at for the IPO; by the end of the first trading
day on November 21, it had climbed to over $28 per share.
The Wichita Eagle reports the payout is part of a collective
bargaining agreement between the Machinists and Spirit, and helps
ease the sting from wage and benefits cuts.
Union officials say they're happy with the payout... as it
allows workers to share in their company's good fortune.
"Everybody in town should be happy about this," spokesman Robert
Wood said. "The long-term value of having these high-value jobs
will help this city, hopefully for years to come."
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