Pentair Boosts Quarterly Cash Dividend
Directors of Pentair, Inc. increased the Company's regular quarterly cash dividend from $0.11 per share to $0.13 per share. This represents an 18 percent increase, which will be effective with the dividend payable February 11, 2005 ...
...to shareholders of record at the close of business on January 28, 2005. This is the 29th consecutive annual dividend increase in the Company's 38-year history.
The Company also announced that its Board of Directors adopted a new Shareholder Rights Plan to replace the Company's existing Shareholder Rights Plan, which has been in place since 1995. The new Shareholder Rights Plan includes the declaration of a dividend of one Preferred Share Purchase Right on each outstanding share of the Company's Common Stock. The issuance of the Rights under the new Shareholder Rights Plan will be made to shareholders of record as of the close of business on January 28, 2005.
In connection with the adoption of the new Shareholder Rights Plan, the Company will redeem all of the Common Share Purchase Rights currently outstanding under its existing Shareholder Rights Plan at a price of $.0025 per share, pursuant to the terms of the existing Shareholder Rights Plan, effective upon the close of business on January 28, 2005 with payment of the redemption price on February 11, 2005.
Pentair is a diversified operating company headquartered in Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Enclosures Group is a leader in the global enclosures market, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components. With 2003 revenues of $2.7 billion, Pentair has approximately 13,000 employees worldwide.
Source: Pentair plc.