Technitrol To Pay Final Dividend Jan. 25, 2002
biz.yahoo.com
PHILADELPHIA--(BUSINESS WIRE)--Dec. 28, 2001--The board of directors of Technitrol, Inc. (NYSE:TNL) announced that its quarterly dividend of $.03375 per common share, declared on November 15 and payable on January 25, 2002 to shareholders of record January 4, 2002, would be the company's final such payment.
``In recent years, Technitrol achieved exceptional shareholder returns by executing on our growth strategies, not by paying dividends, which became an insignificant component of our total return,'' said Technitrol Chairman and Chief Executive Officer James M. Papada, III. ``Going forward, we intend to continue focusing on our ongoing acquisition programs in order to maintain our growth. We have been able to maintain a strong operating cash flow, which we will devote to appropriate acquisitions.
``Rather than focusing on payouts, we will continue building our cash position to fund both internal and acquisition-driven growth,'' Papada said. ``For that reason we believe eliminating the dividend is in the best long-term interests of shareholders.''
Based in Philadelphia, Technitrol is a worldwide producer of electronic components, electrical contacts and assemblies and other precision-engineered parts and materials for manufacturers in the data networking, broadband/Internet access, telecommunications, military/aerospace, automotive and electrical equipment industries.
For more information, visit Technitrol's Web site at technitrol.com. |
