Today's Labour News

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newsEngineering News reports that Cape Town-based bedding and linen manufacturer Sheraton Textiles (Sheraton) on Monday officially inaugurated its new factory premises and launched its Workers Trust employee share ownership programme (ESOP).

The company is currently 100%-owned by the Industrial Development Corporation (IDC), which invested R140-million in the establishment of the new, state-of-the-art factory, which greatly increases the company’s efficiency and competitiveness. The ESOP will see the company’s workers be given 15% of its equity. South African ESOPs are open to all workers, regardless of colour. The workers’ shares will be held by the Workers Trust, headed by four trustees elected by the workers, with a fifth trustee appointed by the company. There will also be an independent, nonexecutive, trustee who will be the chairperson and who will be selected by the workers. “Today represents an important moment for our industry,” enthused Southern African Clothing and Textile Workers’ Union president Susan Khumalo, in her address. She praised the company for meeting the challenge it faced, by investing in its new, modern factory, thereby securing a more sustainable future for its workers. And she praised it for establishing an ESOP. “We are very proud of our staff,” highlighted Sheraton CEO Saleem Mowzer. “We have an excellent team from the IDC who work with us, on a day-to-day basis.”

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