HARLEYSVILLE, Pa., Oct. 21 /PRNewswire-FirstCall/ -- Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE: MPR), announced today that the Company's Board of Directors, at their meeting on October 20, 2010, increased the quarterly dividend by 10% from $0.06 to $0.066 per share. This equates to $0.266 per share on an annualized basis.
The increased dividend will be payable on December 17, 2010 to shareholders of record at the close of business on December 3, 2010.
"We are pleased that the strength of our Company and its strong cash flow and balance sheet allow us to reward our shareholders by increasing our cash dividend," stated De Hont. "This decision confirms the Board's continued confidence in the underlying fundamental strength of our Company to create long-term sustainable growth and value for our shareholders. This is the thirty-sixth consecutive year that Met-Pro Corporation has paid either a cash or stock dividend."
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, is a leading niche-oriented global provider of product recovery, pollution control and fluid handling solutions. The Company's diverse and synergistic solutions and products address the world's growing need to meet more stringent emission regulations, reduce energy consumption and employ green technology. Through its global sales organization, internationally recognized brands, and operations in the United States, Canada, Europe and The People's Republic of China, Met-Pro's solutions, products and systems are sold to a well-diversified cross-section of customers and markets around the world. For more information, please visit www.met-pro.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company), contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, goodwill impairment, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.
Met-Pro common shares are traded on the New York Stock Exchange, symbol MPR.
To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company's website at www.met-pro.com.
Gary J. Morgan
Joseph Hassett, SVP
Senior Vice President of Finance, CFO
Gregory FCA Communications
SOURCE Met-Pro Corporation