Each employee of the Waukegan, Ill.-based Peer Bearing Co. received a a card from the Spungen family with a thank-you bonus check.

Finance and Accounting
Charles E. Gillman Company
Accounting Specialist Sales and Marketing
Everready Glass
Sales Reps Construction
West-Press
Printing Health Care
CENTRAL ARIZONA COLLEGE
DIRECTOR OF HEALTH INFORMATION MANAGEMENT Trades/Construction
RANCHO RESORT
MAINTANANCE POSITION Administrative & Professional
Tucson Urban League
CEO/President Mechanical
Komatsu Equipment Co
Resident Field Mechanic

CHICAGO — Even though employees at the Peer Bearing Co. no longer work for the Spungen family that recently sold the Waukegan-based ball bearings maker, they still received a turkey each this Thanksgiving in keeping with tradition.

But even better was the gift that came in mid-September, when the Spungens threw a party to celebrate the company's acquisition by a Swedish company.

They gave away $6.6 million in year-end bonuses to Peer's 230 employees, decided by a formula based on each worker's years of service.

"My grandfather was always charitable," said Danny Spungen, grandson of Peer founder Nathan Spungen. He said Laurence and Florence Spungen and their four children decided on a bonus formula a year before the acquisition closed.

He said the decision was "a gamble that we would come out OK as well."

Family members signed two thank-you cards to each employee, one in Spanish and one in English, expressing gratitude for "the loyalty and hard work of our employees over the years."

"They treated us like extended family," said Maria Dima, who works at the company along with her husband, Valentin. "We won the lottery."

On the day the checks were distributed, Valentin Dima watched as co-workers broke down in tears over their bonus checks. He drove home first, then opened his envelope: $33,000. His wife received a check for a smaller amount, and the two Romanian immigrants have since taken a Caribbean cruise to celebrate.

"This company gave us stability, so we dare to spend some money on such a thing," Valentin Dima said.

The bonuses have helped Peer employees breathe easier.

"I know people who work for corporate America are not going to get treated like that. And most of the family-owned businesses are not going to treat you like that," said Dave Tiderman, who received $35,000. "This is something that just really doesn't happen."

Tiderman, who started at Peer in 1985, said most of his bonus will stay in the bank because of the uncertain economy.

"I do have to put some tires on my truck," he added.

Jose Rojas, who works in Peer's customer-service department, said he plans to save his $10,000 check for his son's college education.

Peer made $100 million in sales last year and was acquired for an undisclosed amount.