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The family-owned company manufactures foam products for crafts and floral projects, which are supplied to Walmart, Amazon, Michael's, Hobby Lobby, Joann, and other retailers in 17 countries, according to a news release.
"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," CEO Eric Erwin said in a statement. "He felt the time was right to share this special thank-you with our team, who are the hard-working and dedicated backbone of this company."
Detroit Free Press reported that a spokesman said the gifts will be made over two calendar years to meet federal laws governing employer retirement contributions. The second cash bonus and bonus 401(k) retirement gift will be given to workers by the end of March 2020.