Sheffield Forgemasters
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Manufacturing News, Source : The Manufacturer
Zone : Skills and productivity
Published : 11 Oct 2007 13:35
Sheffield Forgemasters is to give its 700-strong workforce the chance to own a share of the company.
Sheffield Forgemasters is to give its 700-strong workforce the chance to own a share of the company. Forgemasters intends to buy back a 30 per cent share in the company which is owned by PricewaterhouseCoopers, and split it between its entire workforce. Under the agreement, employees will be offered the chance to buy shares at half their present value and at preferential lending terms. SFIL chairman Tony Pedder said: “One of our commitments to the staff at the time of the MBO was that the company would look after its workforce... We hope this offer will give our people a sense of ownership as well as an investment in the future of our business.”
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