Trussville employees surprised with stock equity as company goes public Friday
From Trussville Tribune staff reports
NEW YORK – Gardner Denver Holdings, Inc. (NYSE: GDI), a leader in mission-critical flow control and compression solutions for industrial, energy and medical markets, marked its first day of trading on the New York Stock Exchange (NYSE) on May 12 by announcing more than $100 million in deferred stock unit grants to nearly 6,000 of its employees worldwide, including 10 employees at its Trussville facility.
In a video message to team members around the globe, Vicente Reynal, Gardner Denver CEO, and Pete Stavros, Gardner Denver Board Chairman and KKR Member and Head of its Industrials Private Equity Team, announced that in conjunction with the company’s initial public offering, each employee not already part of the company’s equity program – from hourly production to customer service to sales personnel – will receive a significant grant of company stock (in the form of deferred stock units). Reynal and Stavros told employees that their grant will be equal to 40 percent of their annual base salary.
The news came as employees around the world saw a broadcast of senior executives from Gardner Denver and KKR ringing the opening bell at the NYSE. KKR has owned Gardner Denver since 2013 and will continue to hold a 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 makes this IPO possible. We and KKR intend this grant to be a celebration of our important business achievements in service of our customers over the last four years, while allowing every single employee of this company to share in our value creation and growth going forward,” Reynal said. “The steadfast commitment of our employees is what generates the momentum for Gardner Denver to continue to do great things.”
Stavros added, “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. ”
“From the factory floors to the sales offices, labs and corporate and regional headquarters around the world, this team has worked tirelessly to drive progress, innovation and quality. Both Gardner Denver and KKR fully believe in the power of our team – and even more, the exponential power we have with positive employee engagement and working globally together,” Reynal concluded.