Courtesy of Benzinga.
Pentair (NYSE: PNR) today announced that its sole shareholder prior to the spin-off, Tyco International Ltd. (Tyco), has authorized Pentair Ltd. to pay a cash dividend of $0.22 per share on November 9, 2012 to shareholders of record on October 26, 2012. Prior to the spin off, the Pentair Ltd. board also authorized an initial stock repurchase program consistent with the March, 2012 merger announcement of $400 million to commence immediately on October 1, 2012.
The dividend for the 2012 fourth quarter will result in Pentair, Inc. and Pentair Ltd. having paid total cash dividends for 2012 of $0.88 per share, an increase of 10% vs. dividends paid in 2011. Tyco as sole shareholder also approved raising the quarterly dividend to $0.23 per share per quarter effective for the first and second quarters of 2013. Pentair Ltd. intends to seek authorization from its shareholders at its 2013 annual general meeting of shareholders to extend the increased dividend or increase the dividend further for the remainder of 2013. If approved by the shareholders, the 2013 dividend increase will mark the 37th consecutive year in which Pentair has increased its dividend.
