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Shareholder Agreement > RPM Increases Cash Dividend for 33rd Consecutive Year
Stockholders Re-Elect Four Directors,
Restricted Stock and Incentive Compensation Plans Approved
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RPM Increases Cash Dividend for
33rd Consecutive Year
Stockholders Re-Elect Four Directors,
Restricted Stock and Incentive Compensation Plans
Approved
MEDINA, OH
– October 5, 2006 – RPM International Inc. (NYSE:
RPM) announced today at its annual meeting of stockholders that its
Board of Directors declared a quarterly cash dividend of $0.175 per
common share, a 9.4 percent increase over the previous $0.160
per common share.
This action
marks RPM’s 33rd consecutive year of cash dividend increases,
which places RPM in an elite category of less than a half percent
of all publicly-traded U.S. companies. Only 80 of the 19,000 U.S.
public companies have consecutively paid an increasing annual
dividend for this period of time or longer, according to the 2007
edition of American’s Finest Companies . The dividend
will be payable October 31, 2006, to stockholders of record as
of October 20, 2006. At a share price of $19.00, RPM’s
new dividend yield would be 3.7 percent.
“Given
RPM’s strong business outlook and the declining impact of
asbestos litigation, today’s increase of our dividend to
$0.70 annually reflects our intent to more aggressively grow our
dividend going forward,” said President and Chief Executive
Officer Frank C. Sullivan. “Driving our improved outlook are
our organic growth initiatives, domestic and international
acquisition opportunities and expectations for moderating raw
materials costs. At the same time our asbestos exposure is
decreasing as the incidence of asbestos-related disease in the
population declines, fraud in the legal system is uncovered and
state and federal tort reform addresses the
issue.”
At the meeting,
stockholders re-elected four Class II members to its Board of
Directors to three-year terms expiring in 2009; those elected were
Bruce A. Carbonari, James A. Karman, Donald K. Miller and Joseph P.
Viviano.
Stockholders
also approved proposals to adopt the 2007 Restricted Stock Plan and
the 2007 Incentive Compensation Plan. The 2007 Restricted Stock
Plan replaces the company’s 1997 Restricted Stock Plan, which
by its terms expires on May 31, 2007. The 2007 Incentive
Compensation Plan replaces the 1995 Incentive Compensation Plan as
the primary annual c
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