HARTSVILLE, S.C., Sept. 29, 2022 /PRNewswire/ — Novolex announced today that it has introduced a new award plan for employees.
The Novolex Broad-based Employee Award Plan provides eligible employees with an opportunity to participate in the growth and success of Novolex, offering cash rewards to plan participants based on any increase in valuation of the company over time. The new benefits plan is funded by Stan Bikulege, Novolex Chairman and CEO, and the company’s majority stakeholders, led by Apollo private equity funds.
“Novolex packaging products are developed, manufactured and sold by thousands of hardworking colleagues who are the backbone of our organization,” Bikulege said. “We are establishing the Novolex Broad-based Employee Award Plan to recognize, salute and demonstrate how much we value the contributions of the employees in our Novolex Family.”
To be eligible to participate in the Plan, employees must have one year of service, which today includes a significant majority of the company’s more than 10,000 employees. The Plan is provided at no cost and will provide employees from upper management to the production floor, salaried and hourly, union (pending approval) and non-union, with an opportunity to benefit from the valuation appreciation of the Company upon a change in control. The Plan is designed to recognize the contributions employees have made to the growth of the company and is yet another employee benefit that makes Novolex an employer of choice.
Apollo, through its private equity funds, acquired a majority stake in Novolex in April of this year. The previous majority stakeholder, Carlyle, maintains a minority stake in the Company and is supportive of the BEAP plan.
“Novolex continues to set the bar high for the manufacturing industry,” said Peter Sinensky, Partner at Apollo. “The Novolex Broad-based Employee Award Plan demonstrates the company’s commitment to its employees and continuous focus on growth. The new Novolex award plan speaks to the value the company places on its people and the role they will play in the growth of the business in the years to come.”
To learn more about Novolex and the benefits it offers its employees, visit www.Novolex.com/Careers.
Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 57 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers. To learn more about Novolex visit www.novolex.com.
Contact Information for Media