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Carpenter Technology Announces 2-for-1 Stock Split
10/17/2007 - Carpenter Technology’s Board of Directors approves a two-for-one split of the company's common stock in the form of a stock dividend.
Carpenter Technology Corp.’s Board of Directors has approved a two-for-one split of the company's common stock in the form of a stock dividend.
“The decision to split the stock reflects our confidence in the sustainability of the Company’s growth,” said K. Douglas Ralph, Senior Vice President–Finance and Chief Financial Officer. “By splitting the shares, we make investing in Carpenter more accessible to a greater number of investors.”
Carpenter shareholders will be issued one additional common share for each common share held in the company as of the record date. The stock dividend to achieve the stock split will be payable on November 15, 2007, to shareholders of record at the close of business on November 6, 2007.
Carpenter anticipates that its common stock will begin trading on a split-adjusted basis at the start of trading on November 16. After the split is completed, Carpenter, which had about 24,779,521 shares of common stock outstanding as of September 30, 2007, will have about 49,559,042 shares outstanding.
The Board of Directors also declared a pre-split regular quarterly dividend of $0.30 per common share to the shareholders of record at the close of business on October 30, 2007. The $0.30 quarterly dividend is payable on December 6, 2007, to shareholders of record as of the close of business on October 30, 2007. The ex-dividend date (the date the common stock trades without the dividend) is October 26, 2007.
Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products.
