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Chobani founder Hamdi Ulukaya stands inside the Chobani Greek Yogurt testing lab in New Berlin. He reportedly has told employees that he will give them 10 percent of the yogurt maker when it goes public or is sold.
(Frank Ordonez | The Post-Standard)
New Berlin, N.Y. — Chobani reportedly is preparing to give its employees a 10 percent stake in the company, the nation's leading making of Greek yogurt.
Hamdi Ulukaya, who founded Chobani in 2005 and made it into the nation's top seller of Greek yogurt, told workers at the company's plant and headquarters in the Chenango County village of New Berlin today that he will give them shares worth up to 10 percent of the company when it goes public or is sold, The New York Times reported.
Ulukaya told the newspaper his goal is to pass along some of the wealth that employees have helped to build in the company.
The Syracuse-based Manufacturers Association of Central New York has selected Ulukaya, a Turkish immigrant, to join its Manufacturers Wall of Fame. The honor is given to individuals who have demonstrated a long-term commitment to manufacturing in Upstate New York.
Chobani recently hired a new chief financial officer in preparation for a possible initial public offering. The company reportedly would be valued in the billions of dollars.
At a potential company valuation of $3 billion, a 10 percent stake would be worth about $150,000 to the average Chobani employee, according to today's report. However, the number of shares each worker would receive is based on how long they have worked for the company. So employees with the most tenure could receive shares worth over $1 million, the newspaper said.
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