"As part of the acquisition, the company's 650 employees will receive substantial cash payouts, ranging from approximately one year of annual pay to over eight years' worth, a major announcement celebrated by workers on Wednesday."
"Jerin Varghese, an engineer at CoolIT since 2021, said the money is life-changing for him and his family. I do have some plans on exactly what to do. Maybe pay off the mortgage, invest some money and, you know, take care of the family and parents."
"When the sale closes later this year, CoolIT's employees are expected to receive average payouts of around $240,000 US each, with the longest-serving employees potentially receiving at least $380,000 US, or eight times as much as their salaries."
CoolIT Systems, a Calgary-based company specializing in liquid cooling for AI data centres, is set to be acquired by Ecolab for $4.75 billion. The acquisition will result in significant cash payouts for the company's 650 employees, ranging from one to over eight years of annual pay. Founded in 2001, CoolIT has evolved from developing cooling technologies for gaming products to serving over 300 data centre facilities globally. Employees are expected to receive average payouts of around $240,000, with long-serving employees potentially receiving up to $380,000.
Read at www.cbc.ca
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