Sodastream to pay NIS 50m in bonuses to employees

Daniel Birnbaum Photo: PR

Following the $3.2 billion acquisition by PepsiCo, employees working at the company more than a year will get bonuses of at least NIS 18,000 each.

After the plan to distribute acquisition bonuses to employees of Sodastream International Ltd. (Nasdaq: SODA;TASE: SODA) was reported in "Globes" last Thursday, Sodastream CEO Daniel Birnbaum today officially announced that each of the company's 3,000 employees, including 2,000 in Israel, with at least one year of seniority at the company will receive an NIS 18,000 bonus, the equivalent of two and a half months' salary for a production worker in the company.

The rest of Sodastream's employees will receive bonuses corresponding to the length of time that they have worked at the company. The bonuses are likely to total NIS 50 million and set a worthy and respectable standard for the rest of this conservative industry (in high tech, employees are given options) in cases of similar deals by industrial companies (which did not happen, for example, when Frutarom was acquired and could happen in the financial industry, in view of the demand by employees of Leumi Card).

A letter addressed to the employees by Birnbaum said, "Dear Sodastreamers. What a special and exciting week we have had. We have received so much love and favor from all over the world, but it is especially moving to experience the pride of our people here at Sodastream and the national pride in a purely Israeli success. I always say, 'It all begins and ends with people.' Here at Sodastream, we have proven that it is true. We have the best people in the world - the Sodastream family.

"In order to celebrate this exciting milestone, and in esteem and appreciation for your contribution to Sodastream's success, we have agreed with Pepsico on a special NIS 18,000 bonus for every employee with at least one year's seniority. Employees who have been with us for less than a year will receive a bonus proportionate to their seniority. This bonus is scheduled for payment when the deal is completed in December.

"I hope that you are as full of pride as I am to be Sodastreamers especially at this time and that you are excited about our joint future with Pepsico. We will continue on our quest to make the world a better place. It will be very enjoyable.

"This is only the beginning."

Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Daniel Birnbaum Photo: PR
Daniel Birnbaum Photo: PR
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