L&W employees overwhelmed with huge bonus checks

Employees at L&W, Inc. report they received large bonus checks from former chairman of the board Wayne D. Jones on May 24, following the final closing of the L&W sale to Autokiniton Global Group.
L&W, a family owned business that does metal stamping for the auto industry, employed 3,200 at 23 facilities across Michigan, Ohio, Tennessee, and Texas, according to Crain’s Detroit Business.
All employees received checks, according to employees, and the amounts of the checks were based on the number of years they worked at L&W.
One employee said a long-term worker was overwhelmed when she got a check for $70,000. A new employee, on the job for three weeks, also got a check.
The employee said the bonuses came out of Wayne Jones’ pocket and represents hundreds of thousands of dollars or more.
Each check was accompanied by the following letter.
“To All L&W Group Associates: L&W Group is a strong company that was built with teamwork, integrity, productivity and a strong belief in business-inspired loyalty. However, while the company will continue, it is time for me to move on to the next phase of my life.
“Please accept this bonus as a thank you to each of you, from the associates who have been with me since basically the beginning to the ones who have been with us for a short period of time. I wish you and your families all the best.
“Best regards, Wayne Jones.”
Former Metaldyne CEO George Thanopoulos partnered with New York private equity firm KPS Capital Partners LP to build a new auto supplier.
KPS created a new company, Autokiniton Global Group LP to acquire New Boston-based metal stamper L&W Inc. for an undisclosed price, according to a news release.
Thanopoulos serves as Autokiniton’s CEO and will become L&W executive chairman, while current president Scott Jones and management will remain in place.
An employee at L&W said Wayne Jones had considered 52 different firms before deciding on Autokiniton.
In a news release, Thanopoulos said, “L&W’s greatest asset is its customer relationships established over decades. KPS and I look forward to working with L&W’s president Scott Jones and the company’s management team to build on the company’s unique strengths with a new strategic vision, financial resources and exceptional credentials in the global automotive industry.”