TORONTO, Jan. 29, 2014 /PRNewswire/ - Exco Technologies Limited (TSX-XTC) today announced a quarterly cash dividend of $0.05 per share to be paid March 28, 2014 to shareholders of record on March 14, 2014. This dividend represents an 11% increase. On an annualized basis, the dividend will increase from 18 cents per share to 20 cents per share. The dividend is an "eligible dividend" in accordance with the Income Tax Act of Canada.
Brian Robbins, CEO of Exco said "strong business fundamentals continue to support our financial performance. In light of this and after having reviewed Exco's capital needs over the balance of the year, its liquidity position and the pending purchase of Automotive Leather Company Group (PTY) Limited ("ALC"), I am pleased to announce this dividend increase". This is the fourth increase in four years over which the dividend increased 150%.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 13 strategic locations, we employ 2,354 people and service a diverse and broad customer base. Upon completion of the ALC acquisition, Exco will have 18 locations and employ approximately 5,000 people in 12 countries.
SOURCE Exco Technologies Limited