Industrial, energy and medical flow control and compression solutions provider Gardner Denver listed on the NYSE last month by announcing more than $100-million in deferred stock unit grants to nearly 6 000 of its employees worldwide.
In a video message to team members around the globe, Gardner Denver CEO Vicente Reynal and chairperson Pete Stavros announced that, in conjunction with the company’s initial public offering, each employee not already part of the company’s equity programme would receive a significant grant of company stock in the form of deferred stock units. Reynal and Stavros told employees that their grant would be equal to 40% of their yearly base salary.
The news came as employees around the world watched a broadcast of senior executives from Gardner Denver and private-equity company KKR ringing the opening bell at the NYSE. KKR has owned Gardner Denver since 2013 and will continue to hold the majority of the company’s shares.
“The customer focus, integrity, bias for action and teamwork of our associates around the world have made our products more innovative, expanded our commercial and operational reach and generated attractive financial performance, all of which make this [initial public offering] possible,” said Reynal at the listing.
He added that the grant was in celebration of Gardner Denver’s and KKR’s business achievements in the past four years and allowed each employee to share in this success. “The steadfast commitment of our employees is what generates the momentum for Gardner Denver to continue to do great things.”
Stavros added that the involvement of employees had been critical to achieving the company’s goals. “As a result, we [have as] a priority with our industrial companies to make every employee an owner in their business. “We have accomplished a lot at Gardner Denver and it’s exciting to think about what 6 100 employee-owners all pulling in the same direction will be able to achieve going forward.”