Ingersoll Rand awards dollar150 million equity grant to global workforce
Published on : Tuesday 22-09-2020
Granting ownership to all employees highlights company purpose Lean on Us to Help You Make Life Better and core value of We Think and Act Like Owners.
Davidson, N.C., September 21, 2020 – Ingersoll Rand Inc., a global provider of mission-critical flow creation and industrial solutions, celebrated its $150 million equity grant to nearly 16,000 employees worldwide with a virtual ringing of The Opening Bell® at the New York Stock Exchange (NYSE).
“This is a $150 million investment in our employees,” remarked Vicente Reynal, Chief Executive Officer. “We are not aware of any other industrial company our size having done something like this; it’s a meaningful way to build an ownership culture where all employees can benefit from creating value as they all contribute to our success. Our employees have carried us through the beginning of a successful integration between Gardner Denver and the Ingersoll Rand Industrial segment, built a solid foundation and now position us to pivot to growth and achieve great things in the future. United by a common purpose and set of values, we believe our 16,000 employees around the world are unstoppable.”
From an hourly assembly worker on the production line in Quincy, Illinois to a sales representative based in Shanghai, China, all eligible employees received a grant equal in value on the grant date to 20% of that employee’s annual base cash compensation. The grant date was August 20, 2020 and grant value was calculated using the grant date close price of $34.63 per share.
The grant follows a similar approach Gardner Denver initially took in giving its employees ‘skin in the game’ in the company through an equity grant. When Gardner Denver returned to the public markets in May 2017, CEO Reynal, along with Chairman Pete Stavros, KKR’s Co-Head of Americas Private Equity and current Ingersoll Rand Board Chairman, announced a grant of more than $100 million in deferred stock units to all Gardner Denver employees worldwide. Employees who held on to that equity grant have seen an 80% appreciation.
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