The Manitowoc Co. last week announced that its board of directors authorized a two-for-one stock split of the company’s outstanding common stock. Record holders of Manitowoc's common stock at the close of business on Aug. 31, will receive one additional share of common stock for every share of Manitowoc common stock they own as of that date.
The company anticipates that the additional shares resulting from the split will be issued in book-entry form on the distribution date of Sept. 10. The company's common stock will begin trading at its post-split price at the beginning of trading on Sept. 11. The two-for-one split will increase the number of Manitowoc's authorized shares of common stock from 150 million to 300 million and the number of outstanding shares of common stock from approximately 62.7 million to 125.4 million.
In addition, Manitowoc's board of directors has approved a quarterly dividend of 4 cents per share pre-split (2 cents per share post-split), payable on Sept. 10, to shareholders of record on Aug. 31.
“We are pleased to announce this 14.3-percent increase in our quarterly dividend, as well as splitting our stock for the fifth time in the past 11 years,” said Glen Tellock, Manitowoc's president and CEO. “These actions are the result of our solid operating performance, continued stock price growth, and strong outlook across many of our product lines and end markets. The additional shares should also improve the trading volume and liquidity of our stock going forward.”
Manitowoc previously split its stock on a two-for-one basis on April 10, 2006, and on a three-for-two basis on March 31, 1999, June 30, 1997, and July 2, 1996.
Headquartered in Manitowoc, Wis., The Manitowoc Co. provides lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks.