DOWNERS GROVE, Ill., Aug. 2, 2018 /PRNewswire/ -- The Board of Directors of Dover (NYSE: DOV) today increased its quarterly cash dividend to $0.48 (forty-eight cents) per share, an increase of $.01 (one cent) or 2%. This is the 63rd consecutive year in which the Company has increased its annualized cash dividend.
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Having recently completed the tax-free spin-off of our upstream Energy businesses to our shareholders in the form of the now publically traded company Apergy (NYSE: APY), Dover has reconfirmed the Company's capital allocation framework with the Board of Directors. Dover believes strongly in a disciplined approach to its capital allocation, and is committed to returning excess capital to shareholders. As such, in addition to the previously announced $1 billion share repurchase program to be completed in 2018, I am pleased the Board of Directors approved the increase of the dividend to $0.48 per share to our shareholders."
This increased dividend will be paid on September 17, 2018 to shareholders of record as of August 31, 2018.
Dover is a diversified global manufacturer with annual revenues of approximately $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through three operating segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 26,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at www.dovercorporation.com.