Leggett & Platt Inc.
by June 15, 1998 12:00 am 98 views
Leggett & Platt Inc. announced a 2-for-1 stock split and increased the second-quarter cash dividend. The split will be distributed to shareholders on June 15 for shareholders of record as of May 29.
The second-quarter cash dividend will be paid on a pre-split basis at a new quarterly rate of 16 cents per share, or, after the stock split, 8 cents per share The record and payment dates for the cash dividend also are May 29 and June 15, respectively. The new rate is 7 percent higher than the first-quarter dividend, which was increased in February. The new rate is 23 percent higher than last year’s second-quarter dividend.
Leggett has increased cash dividends for 27 consecutive years. During this period, the quarterly dividend has increased 48-fold, or 15.5 percent compounded annually. Leggett’s other most recent 2-for-1 stock splits occurred in 1992 and 1995.
Leggett & Platt is a FORTUNE 500 company and leading manufacturer of engineered products serving several major markets.