A.O. Smith announces stock split
Milwaukee-based A.O. Smith Corp. announced its board of directors approved a plan to split the company’s stock 3-for-2 in the form of a 50-percent stock dividend payable to holders of common stock and Class A common stock.
The record date for the stock dividend is Oct. 25, 2010. Holders of the company’s common stock and Class A common stock will receive one additional identical share of such class of stock for every two shares they own as of the record date and will receive cash in lieu of fractional shares based on the closing price of the common stock on the record date, as adjusted for the stock dividend.
The payment date for the stock dividend is Nov. 5, 2010. The stock dividend will increase the total number of shares of common stock and Class A common stock outstanding to approximately 45.8 million shares.
The stock dividend is in addition to the quarterly cash dividend of 21 cents per share of the common stock and Class A common stock, which was announced earlier this week. The company is one of the world’s leading manufacturers of residential and commercial water heating equipment.