Flowserve Resumes Regular Quarterly Dividends
The board of Flowserve Corp. has authorized the payment of a quarterly cash dividend of 15 cents per share on the company's outstanding shares of common stock. The dividend is payable on April 11, 2007, to shareholders of record as of the close of business on March 28, 2007. This will be Flowserve's first quarterly dividend paid since December, 1999 because the company suspended dividends in early 2000 as part of a major acquisition financing.
"The resumption of a regular quarterly cash dividend, combined with our stock repurchase program announced in 2006, demonstrates our optimism in Flowserve's future as well as confidence in our ability to continue generating strong cash flows," said Flowserve President and Chief Executive Officer Lewis M. Kling. "It also provides us with this opportunity to enhance shareholder value without curtailing our ability to strengthen the company through organic growth initiatives or balance sheet improvements."
While Flowserve currently intends to pay regular quarterly dividends for the foreseeable future, any future dividends will be reviewed individually and declared by the board at its discretion dependent on the board's assessment of the company's financial condition and business outlook at the applicable time.
Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
- Flowserve Opens Pump Manufacturing Plant in Coimbatore, India (Mar 14)
- Flowserve Clinches Contract for Shell's Malikai Oil Project off Sabah (Mar 06)
- Flowserve Unveils New IPS Beacon Condition Monitor (Jun 15)