BIRTH THROUGH PERSEVERANCE
Hyspeco was founded in 1968 when Buford “Penny” Pendergrass saw a need for specialized hydraulic and pneumatic components in Wichita, Kansas. Hyspeco has been a faith-based, family oriented company from its start in 1968. It all began out of the Pendergrass family home and car which then led to the first official Hyspeco office on Bebe street here in Wichita. Penny worked with various people who had a need for specialized parts. He would create that part on paper and with the help of a welder, he would make the part a reality. Soon after, Penny decided to create an official company that he named Hydraulic Specialty Company (shortened to Hyspeco), which has continued to thrive as it reaches its 50-year anniversary in 2018.
The decision to become an ESOP company came in 1989. Bob Stancer (who had purchased the company from Penny Pendergrass) had made the decision to sell the company; however, employees felt that since the company could not find a buyer at the time, they wanted to purchase it and become an ESOP company. Dave Zavala met with employees and as a group, they put up cash or their 401K and bought the company in late 1989, the company has remained an ESOP company since then.
The impact of becoming an ESOP was positive, this move created stock options for employees and every employee now had a stake in the company. ESOP allows for each employee to have an equal vote in the company, and since 1974 has become the most widespread company stock plan in the U.S. There were benefits to the company as whole because Hyspeco does not pay federal or state business taxes. The benefits for employees include owning a small part of a company as well as having retirement and 401K benefits.
Hyspeco Inc. is setting the standard for design, manufacturing, application, installation, and delivery of fluid power products & engineering emergency & preventive maintenance field services.
Our progress is driven by the family built atmosphere and employee-owner mindset.
Start of Company in 1968 by Buford “Penny” Pendergrass.
First location on Bebe Street in Wichita, KS.
First 5 employees.
1976 Hyspeco added a second location in Springfield, MO.
Gary Pendergrass (son of Penny Pendergrass) President from 1975-1978.
Pendergrass family sold company to Bob Stancer in 1978.
1978 Bob Stancer becomes president of Hyspeco.
Became a Parker distributor in the early 1970’s.
Hyspeco became an ESOP company in 1989.
Added Springfield location.
1984 Hyspeco lost some employees and with the company being small it had a large impact.
Employee numbers doubled for the first time since start of company (7 to 20).
Cell phones and land lines increased business opportunities for the company.
401K was established for Hyspeco in 1991.
Obtained Bradbury account in 1998.
Hyspeco Board of Directors started in 2009.
Employee numbers double again from 20 in the 1990’s to over 40 in the early 2000’s.
Economic struggles in 2009 resulted in pay cuts to all employees to help avoid layoffs, as well as giving one day of work without pay.
The September 11th attacks, gas prices went up and effected the company negatively for several months.
Late 2000’s began with Excel Industries, Spirit Aviation, and Kalmar.
Moved Wichita locations from Bebe Street to South Sabin Street in 2007.
Established a secure HR department in early 2000’s.
Completed the Acquisition of Sturgess Equipment in the early 2000’s.
New logo established and used.
More departments being created with new jobs (marketing department increased, engineering department increased).
In 2011 a tornado hit Joplin, MO (Hyspeco has a facility in Joplin), our facility was not damaged but the building was kept opened 24/7 and responded to this tragedy with emergency relief efforts and repairs for free. We also handed out bottles of water and gloves for relief workers, as well as donated hoses to those in need.
Completed the Acquisition of H.T.E. in St. Louis, MO in 2016.
Joe Parrott became president of Hyspeco in 2017.