XMAS BONUS: Boss Flogs Off Steel Factory And Hands Out EUR 5M Present To Loyal Staff

Christmas has come early for staff working for a steel tycoon who flogged off most of his company and then sent a EUR 5 million present to thank them for years of hard work.

Picture shows Giuseppe Marzorati, undated. Workers at the Cogne factory in Aosta, Italy, received bank transfer of EUR 2,500 and and a fuel bonus of EUR 200 after 70 per cent of the shares were sold, on Wednesday, November, 30, 2022. (Newsflash)

Swiss entrepreneur Giuseppe Marzorati, the head of Cogne Acciai Speciali in the Italian city of Aosta since 1994, a world leader in the steel production industry, sold 70 per cent of the company to Taiwanese group Walsin Lihwa Corporation.

Marzorati then decided to give the company’s 1,600 workers, spread out across Italy, China and the USA, EUR 5 million (GBP 4.28 million) in a “bank transfer sent by surprise”.

This means that each worker received a wire transfer of EUR 2,500 (EUR 2,145) the day after the sale went through on Wednesday, 30th November, according to local media.

Giuseppe Marzorati (second fr om the left) visits the Cogne factory in Aosta, Italy, undated. Workers received bank transfer of EUR 2,500 and and a fuel bonus of EUR 200 after 70 per cent of the shares were sold, on Wednesday, November, 30, 2022. (Newsflash)

A fuel bonus of EUR 200 (GBP 171.55) is reportedly also planned.

Marzorati reportedly said in a letter addressed to his employees: “From 1994 to today I have spent some fantastic years with you and those who preceded you, starting from a situation of real company hardship and arriving instead today to represent an important, appreciated, admired, sustainable and highly regarded one internationally.

“The work of development and constant growth has allowed us to achieve a great goal: to make the Cogne Group the European leader in the sector. Together we have actively supported the radical change that our company has developed over the years, becoming the spokesperson for the Lean culture and, above all, giving priority to sustainability in its various forms.”

Lean culture is a type of company culture that focuses on continuous improvement and the systematic identification and removal of wasteful practices.

Picture shows Giuseppe Marzorati, undated. Workers at the Cogne factory in Aosta, Italy, received bank transfer of EUR 2,500 and and a fuel bonus of EUR 200 after 70 per cent of the shares were sold, on Wednesday, November, 30, 2022. (Newsflash)

Marzorati will stay on as honorary president, with the Taiwanese group Walsin Lihwa Corporation forking out EUR 210 million (GBP 180 million) for the majority stake in the company.

Newsflash obtained a statement from Cogne saying that the contract between the two corporate giants plans for EUR 110 million (GBP 94.27 million) to be invested in the Italian firm over the next three years.

Yu-Lon Chiao, Chairman of Walsin Lihwa Corporation, is now the Italian company’s new boss and he is quoted in the Cogne statement as saying (in English): “We treasure our joint investment with the Marzorati family in CAS, in the Valle D’Aosta community: we highly regard the skills and competence of CAS managers and employees.

Picture shows workers at the Cogne factory in Aosta, Italy, undated. Workers received bank transfer of EUR 2,500 and and a fuel bonus of EUR 200 after 70 per cent of the shares were sold, on Wednesday, November, 30, 2022. (Newsflash)

“Walsin is an large industrial group, not a financial investor, and we are here to grant the long term growth of the Group.” (sic)

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