DUBLIN, Feb. 15, 2011 -- Cooper Industries plc (NYSE: CBE) announced today that its Board of Directors increased the annual dividend from $1.08 to $1.16 per share at its regularly scheduled board meeting on February 15. The first quarterly dividend of $0.29 per share will be paid on April 1, 2011 to shareholders of record as of February 28, 2011.
"Cooper is committed to increasing shareholder value by investing in its core businesses and returning cash directly to shareholders through our repurchase program and paying a competitive dividend," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "This 7% increase follows an 8% increase in 2010 and signals our continued confidence in Cooper's ability to generate strong cash flow and return cash to our shareholders while continuing to invest in our core."
About Cooper Industries
Cooper Industries plc (NYSE: CBE) is a global electrical products manufacturer with 2010 revenues of $5.1 billion. Founded in 1833, Cooper's sustained success is attributable to a constant focus on innovation, evolving business practices while maintaining the highest ethical standards, and meeting customer needs. The Company has seven operating divisions with leading market positions and world-class products and brands including: Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2010, fifty-nine percent of total sales were to customers in the industrial and utility end-markets and thirty-nine percent of total sales were to customers outside the United States. Cooper has manufacturing facilities in 21 countries as of 2010. For more information, visit the website at http://www.cooperindustries.com/
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SOURCE: Cooper Industries plc