ABINGDON, Va., May 1 /PRNewswire-FirstCall/ -- Alpha Natural Resources,Inc. (NYSE: ANR), the nation's leading supplier of metallurgical coal,introduced an unprecedented, multi-year package of rewards and incentivesThursday to the company's more than 3,600 employees.
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The package was presented at Alpha's 58 mining sites in four states.Employees were given ownership in the company in the form of a grant of 25shares of company stock. Employees were also informed they no longer have tocontribute to health, dental and vision insurance premiums. Additionalincentives include semi-annual bonuses for operating personnel based oncontinued service to the company, and rewards for mine rescuers and trainers,including cash payments for participating on the all-volunteer teams andvacation money to use in their time off with families.
Alpha also unveiled an energy relief/fuel assistance program to helpemployees cope with higher commuting expenses due to high gas prices.
Costing more than $13 million in the first year alone, the package isworth more than $3 per hour to the average employee.
To convey their appreciation, several members of Alpha's executive teampersonally handed out share ownership certificates and information on theother rewards at a number of company mines in Virginia, West Virginia,Kentucky and Pennsylvania.
'We see this as a significant day -- maybe the most significant -- in ourcompany's history,' said Michael Quillen, Alpha's chairman and CEO, who metwith miners at the company's Cucumber, W.Va. mine. 'Alpha's shareholders havebenefited from their dedication and hard work, and it's time that we publiclyacknowledge their efforts.'
Quillen went on to say: 'Alpha wants each employee to know that we valuetheir contribution. It's our way of expressing the great admiration we feelfor their continuing loyalty. We also recognize how all employees have beenhit hard with increased fuel costs, and a lot of them have to drive longdistances to reach our mines. We appreciate what they do for the company, andwe intend to help them out with fuel assistance.'
Alpha President Kevin Crutchfield also met with employees throughout theday.