Graham Walker sold his family's Louisiana company earlier this year and gave his 540 full-time employees a significant cut of the sale, nearly $500,000 to be paid over five years, The Wall Street Journal reported.
In total, Walker gave $240 million to his employees after he sold Fibrebond, which makes enclosures for electrical equipment.
The only requirement: They must remain at the company during the five-year period unless they were older than 65.
The company was purchased by power-management company Eaton for $1.7 billion.
"We came to an agreement with this second-generation, family-owned business that honors their commitments to their employees and the community," an Eaton spokeswoman told The Wall Street Journal.
Walker told the news outlet the money has lifted spirits and boosted business in Minden, a city of about 12,000 people.
"Some spent it on day one, maybe even night number one," said Walker, 46. "Ultimately, it's their decision, good or bad."
Lesia Key, who started at Fibrebond in 1995 making $5.35 an hour, said she used her bonus to pay off her home mortgage.
"Before, we were going paycheck to paycheck," she said. "I can live now; I'm grateful."
Hong Blackwell, 67, bought her husband a Toyota Tacoma. She said they might do some traveling.
"Now I don't have to worry," Blackwell said. "My retirement is nice and peaceful."
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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