Graco Inc. Declares 3-for-2 Common Stock Split; Increases Regular Quarterly Dividend by 18 Percent.MINNEAPOLIS--(BUSINESS WIRE)--Dec. 12, 1997--The Graco Inc. (NYSE NYSE See: New York Stock Exchange : GGG GGG German Goo Girls (pornography website) GGG Giggle (email, USENET, chat slang) GGG Gadolinium Gallium Garnet GGG Gimme Gimme Gimme (TV show) ) Board of Directors today declared a 3-for-2 split of the Company's $1.00 par value common stock in the form of a 50 percent common stock dividend. To accommodate the stock split, the Board resolved to increase the number of authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: common shares to 33.75 million. In addition, the Board also approved payment of a regular quarterly dividend of 11 cents per post-split share, an effective increase of 18 percent. "These actions are intended to reflect our continued positive outlook for business. The investments that the Company is making in new products, technology, manufacturing, and globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation are paying off," said Chief Executive Officer George Aristides. The stock dividend is payable February 4, 1998 to all shareholders of record on January 7, 1998. Shareholders will receive one additional share of common stock for each two shares owned. Cash payments will be made in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. issuing fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. . The stock split will increase the number of common shares outstanding from approximately 17.1 million to approximately 25.7 million. This is the eighth split of the Company's common stock since it was first publicly offered in 1969. The Board also voted to raise the 1998 first quarter cash dividend on all outstanding shares to 11 cents per post-split share (44 cents annually). The increased dividend will be paid on February 4, 1998 to shareholders of record at the close of business on January 7, 1998. The previous quarterly dividend was 9.33 cents per post-split share (37.3 cents annually). Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense dispense /dis·pense/ (-pens´) to prepare medicines for and distribute them to their users. dis·pense v. To prepare and give out medicines. and apply fluid materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. CONTACT: Graco Inc., Minneapolis Mark W. Sheahan, 612/623-6656 |
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