AMETEK Announces Stock Split and Dividend Increase to $.09
AMETEK Inc. (NYSE: AME) today announced its Board of Directors has declared a three-for-two stock split and approved a 50% increase in the quarterly cash dividend on its common stock.
The three-for-two split of its common stock will result in the issuance of one additional common share for every two shares owned as of the record date. The new shares are payable on December 21, 2010, to shareholders of record on December 10, 2010. Any fractional shares resulting from the stock split will be paid in cash based on the closing market price of AMETEK stock on the record date. By splitting its stock, AMETEK expects to broaden the stock's marketability and improve its trading liquidity.
AMETEK's Board of Directors also has decided to increase the quarterly common stock dividend 50%, to an indicated annual rate of $.36 per share ($.24 per share on a post-split basis). The Board of Directors declared the fourth quarter dividend of $.09 per share ($.06 per share on a post-split basis), payable on December 21, 2010 to shareholders of record on December 10, 2010.
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