Snap-on Raises Dividend 15.8% to $0.44 per Share
Snap-on Incorporated (NYSE: SNA) today announced that its Board of Directors has declared a quarterly common stock dividend of $0.44 per share payable December 10, 2013, to shareholders of record on November 22, 2013. This represents an increase of $0.06 per share, or 15.8%, over Snap-on's previous quarterly cash dividend of $0.38 per share.
“Snap-on's dividend is an essential component of our approach to capital allocation, as demonstrated by our payment of consecutive quarterly cash dividends, without interruption or reduction, since 1939,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “This increase reflects both the continued progress along our defined runways for coherent growth and the ongoing improvements authored by our Snap-on Value Creation processes. It also underscores our commitment to create long-term value for our shareholders and our belief that Snap-on is well-positioned for the future.”
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation, aerospace, agriculture, construction, government and military, mining, natural resources and power generation. Products and services are sold through the company's franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $2.9 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
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