Baldor Declares Dividend

The Baldor Electric Co. board of directors declared a regular quarterly cash dividend of 13 cents per share, payable Jan. 2 to shareholders of record Dec. 12. The announcement came shortly after the company filed 13-cent dividends with the U.S. Securities and Exchange Commission for the third quarter ending Sept. 29.

In the same announcement, the board authorized the repurchase of 2 million shares between January 1, 2002, and December 31, 2003. The 6 million share authorization in effect since 1998 expires at the end of this year. Since September 1998, 4.3 million shares have been repurchased.

Baldor, headquartered in Fort Smith, markets, designs and manufactures electric motors and drives.

The board also announced several promotions that will become effective Jan. 1.

Randall P. Breaux will become vice president of marketing, leaving his position as vice president of customer service. Breaux has been with Baldor since 1989, serving as sales team leader, marketing manager and national sales manager.

Roger D. Bullock will become vice president of drives, leaving his position as general manager of Baldor’s U.S. drives business. Bullock joined Baldor in 1990 with the acquisition of Sweo Controls Inc.

Jeffrey R. Hubert will be promoted to vice president of sales from his current position as director of business development.

Hubert joined the company in July.