23rd Jun, 2017

Redditch staff get a welcome surprise

Ross Crawford 18th May, 2017

STAFF at the Gardner Denver factory in Claybrook Drive received a stunning surprise last Friday (May 12) when their company floated on the New York Stock Exchange.

The firm, a world leader in compression solutions for the industrial, energy and medical markets, marked its first day of trading on the NYSE by announcing more than $100million in deferred stock unit grants to nearly 6,000 of its employees worldwide – including those in Redditch.

It means the 250 staff at the Claybrook Drive firm will receive stock units equal to 40 per cent of their annual basic salary.

The event marked a day of celebration at the company, which as Hydrovane, has been a fixture on the Redditch landscape for nearly 50 years.

The announcement was made via a video message to team members around the globe by chief executive officer Vicente Reynal and Pete Stavros of majority Gardner Denver owner KKR.

Mr Stavros said: “We are passionate about what engaged employees can do and what we can achieve together when everyone is working toward a common goal.

“As a result, we make it 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.”

Gardner Denver was founded in 1859 and became established after making effective speed controls for steam engines.

This led to the expansion of its involvement in air compressors, a field in which it leads the world today.