The board of directors at South Milwaukee-based Bucyrus International Inc. recently approved a two-for-one split of the company’s common stock in the form of a 100 percent stock dividend.
The stock split will be effective May 27 for shareholders of record on May 13. The board of directors also declared a quarterly dividend of $.025 per share on Bucyrus common stock. The quarterly dividend is payable on May 27 to stockholders of record on May 13. The quarterly dividend will be paid on a post-stock split basis. "Bucyrus has consistently delivered excellent results, both financially and operationally. Today’s stock split announcement reflects the board of directors’ recognition of our strong stock price performance over the past year," said Timothy W. Sullivan, Bucyrus’ CEO and president. The two-for-one stock split is Bucyrus’ second stock split in the past two years. The previous stock split was a three-for-two split of the common stock effective March 29, 2006. Bucyrus stockholders also approved an increase in the number of authorized shares of common stock from 75 million to 200 million.
