MILWAUKEE, Oct. 14 /PRNewswire-FirstCall/ -- A. O. Smith Corporation (NYSE: AOS) today announced its Board of Directors approved a plan to split the company's stock 3-for-2 in the form of a 50 percent stock dividend payable to holders of Common Stock and Class A Common Stock.
The record date for the stock dividend is October 25, 2010. Holders of the company's Common Stock and Class A Common Stock will receive one additional identical share of such class of stock for every two shares they own as of the record date and will receive cash in lieu of fractional shares based on the closing price of the Common Stock on the record date, as adjusted for the stock dividend. The payment date for the stock dividend is November 5, 2010. The stock dividend will increase the total number of shares of Common Stock and Class A Common Stock outstanding to approximately 45.8 million shares.
This stock dividend is in addition to the quarterly cash dividend of $0.21 per share of the Common Stock and Class A Common Stock, which was announced earlier this week. The cash dividend will be paid on the basis of the pre-split shares. The record date for the cash dividend is Oct. 29 and the payment date is Nov. 15.
A. O. Smith Corporation, with 2009 sales of $2.0 billion, is a global leader applying innovative technology and energy-efficient solutions to products marketed worldwide. The company is one of the world's leading manufacturers of residential and commercial water heating equipment, offering a comprehensive product line featuring the best-known brands in North America and China. A. O. Smith is also one of the largest manufacturers of electric motors for residential and commercial applications in North America.
SOURCE A. O. Smith Corporation