Smiths to give shares worth up to £400 to more than 10,000 staff
The company said all of its permanent employees will have the opportunity to own a stake and share in its ‘future success’.
More than 10,000 staff at Smiths will be given shares worth up to £400 as part of a scheme coinciding with the engineering group’s 175th anniversary.
The company said all of its permanent employees will have the opportunity to own a stake and share in its “future success”.
The cost of the scheme is expected to be around £4.5 million.
The one-off share awards will be granted to full-time and part-time staff who are employed by Smiths globally on October 30.
Employees have to stay working for the business until November 2028 before the award will vest, meaning they can take ownership of the shares.
The value of the shares could go up in line with Smiths share price, which has risen by about 60% in the past two years.
Roland Carter, Smiths’ chief executive, said: “For 175 years, we have built our reputation on engineering excellence and innovation.
“But our success has always been driven by our people.
“This award is our way of saying thank you for everything our colleagues do and recognising the role they play in our future success.”
Smiths is among the UK’s biggest industrial firms and makes parts for products spanning sectors like construction, energy, aerospace and life sciences.
It sold off parts of the business last year to focus on its John Crane subsidiary, which makes seals and parts for a range of industries including oil and gas, and its Flex-Tek business, which makes heating and cooling components.
The company was founded by Samuel Smith in 1851 who opened his first jewellery and watchmaking shop in London.
Smiths reported adjusted operating profit of £399 million in the year to the end of July, on a headline basis, which was 1.9% higher than the year before.