Employees give global giant a $40m vote of confidence.Cushman Cushman is a manufacturer of industrial vehicles, personal vehicles, and other custom vehicles, including parking patrol auto rickshaws. Models Haulster (Small industrial multi-purpose truck) Bellhop Series (Golf Carts) Tug(Large Truck) & Wakefield Wakefield, estate, United States Wakefield, family estate of George Washington, on the Potomac River, E Va.; part of the George Washington Birthplace National Monument (see National Parks and Monuments, table). has raised $40 million in equity capital from its employees, increasing the internal ownership of the company to 31% following the first year of the firm's initial stock investment program. "Cushman & Wakefield employees have shown great confidence in the strength of the real estate business, the global growth of their firm and the opportunities for continued expansion of our business," said Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Mosler
Cushman & Wakefield initiated the opportunity for employees to purchase up to 45 percent of the company's stock, putting more of an ownership stake in the hands of its producing professionals and senior management. "This is about having the interests of shareholders, employees and our clients in alignment," Mr. Mosler said. In recent years, Cushman & Wakefield has grown extensively on a global scale, acquiring affiliates in Russia and Canada, both of which have increased revenue and profitability. The firm now has 192 offices in 58 countries. Cushman & Wakefield's revenue is expected to be $1.4 billion in 2006, up from $800 million in 2003, a 75 percent increase over three years. In addition, Cushman & Wakefield has seen its profits grow 52 percent year-over-year from 2004 to 2005. Founded in 1917 in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. as a property management firm, Cushman & Wakefield now operates in all the world's major business centers. The firm negotiated $69.3 billion in commercial property leasing, sale or financing transactions last year. Cushman & Wakefield also has valued more property than any firm in the world. The firm has 430 million square feet of property under management, making it one of the largest property managers in the world. |
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