BALDOR ELECTRIC REPORTS FOURTH QUARTER 1993 DIVIDEND AND STOCK SPLIT
FORT SMITH, Ark., Nov. 9 /PRNewswire/ -- The board of directors of Baldor Electric Company (NYSE: BEZ) at their meeting on Monday, Nov. 8, declared a 20 percent stock dividend (a six-for-five stock split), to be distributed Jan. 7, 1994, to shareholders of record on Dec. 10, 1993. Shareholders will receive one additional share for every five shares previously held. Each new share issued will be accompanied by one right and payment for fractional shares will be made in cash based upon the closing price on Dec. 10, 1993. The board also declared a quarterly cash dividend of $0.10 per share on the
increased shares outstanding after the stock dividend. This quarterly cash dividend will also be paid Jan. 7, 1994, to shareholders of record on Dec. 10, 1993.
This combination of the stock and cash dividend is effectively a 20 percent increase in the cash dividend. -0- 11/9/93 /CONTACT: R.L. Qualls, president and chief executive officer, or R.S. Boreham Jr., chairman of the board and chairman of the executive committee, Baldor Electric, 501-646-4711/ (BEZ)
CO: Baldor Electric Company ST: Arkansas IN: SU: DIV
BR-BN -- AT006 -- 3674 11/09/93 12:03 EST