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 aerospace company.

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 year.

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."

FMI: www.spiritaero.com