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Tom Stewart
813-719-7253 (office)
813-546-9030 (cell)

 

Coronet Details Separation Package for Employees 

Hillsborough County , Fla. ( March 5, 2004 ) - Coronet Industries, Inc. today announced details of the separation package it will provide to approximately 60 bargaining unit employees. Non-bargaining unit employees will receive a similar separation package.

Key provisions include:

  • Compensation - one week of pay for each year of service with a maximum of 26 weeks (six months) and a minimum of four weeks ;
  • Health care benefit - a minimum of one month and a maximum of four months of company-paid health insurance, depending on the employee's length of service with the company. In addition, after an employee's company-paid health care coverage is exhausted, the employee has the option to extend coverage up to an additional 18 months through COBRA insurance;
  • Unused 2004 vacation earned in 2003 will be paid; and
  • Any employee who provides Coronet with ten days written notice of a voluntary resignation and whose termination is on or after March 1 will receive the separation package.

Coronet is also working with the Tampa Bay Workforce Alliance's Plant City One-Stop facility to help facilitate unemployment compensation claims as well as make job and retraining assistance available to affected employees. In addition, the company is providing a variety of counseling services through the Allen Group - an Orlando-based provider of Employee Assistance Programs. The company has also reached out to other area employers to help identify potential job opportunities in the local market.

"Given the economic reality of higher costs, falling demand and lower prices, the decision to cease operations was unavoidable," said David Denner, chief executive officer of Coronet. "But we made a commitment to provide a fair separation package to our employees, and we have delivered on that commitment."

"Coronet expressed to us a sincere desire to provide a full-service employee assistance program for its workforce," said Sal Curto, chief operating officer of the Allen Group. "Based on our experience, we feel that the generous programs that they have initiated demonstrate that Coronet is truly committed to its employees' well-being as they move through this difficult transition."

Coronet Industries, Inc. manufactures two products, Coronet De?uorinated Phosphate (CDP), a nutritional supplement for animal feed, and potassium ?uoroborate (KBF4), which is used in the aluminum alloy and electronics industries. Coronet announced in January it would cease operations by March 31, 2004 .

For more information, please visit www.CoronetIndustries.com.

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