27.07.2007

Manitowoc splits

The Manitowoc Company has announced that its board of directors has authorised a two-for-one split of the company's common stock.
Each holder of Manitowoc ordinary shares at the close of business on August 31, 2007, will receive one additional share for each share they own as of that date.

The company anticipates that the new shares will be released for trading by September 10th.

The two-for-one split will increase the number of Manitowoc's authorised shares to 300 million and the number of outstanding shares to 125.4 million.

Glen E. Tellock, Manitowoc's president and chief executive officer, said: "We are pleased to announce a 14.3 percent increase in our quarterly dividend, as well as splitting our stock for the fifth time in the past 11 years."

"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’s last stock split was a two-for-one on April 10, 2006