The owner and chair of a foam products manufacturing company is giving a $4-million “thank you” gift to his employees.
Lee Schoenherr of Ludington-based FloraCraft announced at the company’s holiday party on Friday that he will divide $4 million in cash bonuses and retirement contributions among the company’s full-time employees.
The company has more than 200 employees.
Gift amounts will vary based on longevity. The average employee tenure at FloraCraft is nine years.
The company estimates the average gift will top $20,000 between cash and 401(k) contributions, and those with more than 40 years of tenure will receive more than $60,000.
“A few years ago, I began thinking that I would like to do something more targeted for our employees, who really are the heart and soul of FloraCraft,” Schoenherr said. “This idea has developed over the past year and is my way of saying ‘thank you’ to our team for the role they have had in our success.
“But don’t think this means I’m exiting or selling the business — I love what I do and am committed to maintaining the independence of FloraCraft. My wife, Joan, and I are blessed in so many ways. We want to share these blessings with the men and women whose energy, passion and loyalty inspire us every day.”
CEO Eric Erwin described the FloraCraft workers — some of whom are second- and third-generation employees — as the “backbone of this company.”
“While many business owners provide bonuses to employees after selling their company, Mr. Schoenherr wants to thank his team for their role in building the FloraCraft brand and business now,” Erwin said.
Founded in 1946, FloraCraft is a family-owned manufacturer of foam products for the craft and floral industries.
Its family of brands includes FloraCraft Foam, Artesia, Desert Foam, Gala Boutique and Twinklets Glitter.
FloraCraft’s products are sold at Walmart, Amazon, Michaels, JOANN Fabrics, Hobby Lobby and other leading retailers in all 50 states and 17 countries.