DUBLIN, Feb. 14, 2012 /PRNewswire/ -- Cooper Industries plc (NYSE:CBE) announced today that its Board of Directors increased the annual dividend from $1.16 to $1.24 per share at its regularly scheduled board meeting on February 14. The first quarterly dividend of $0.31 per share will be paid on April 2, 2012 to shareholders of record as of February 29, 2012.
"Over the last five years, we have deployed approximately $4.4 billion in capital. Our dividend, which is up 48% in the last five years, is a key element to our balanced capital deployment strategy and represents our continued confidence in Cooper's ability to generate strong cash flow. For 2011 Cooper experienced its 11th consecutive year of free cash flow greater than net income from continuing operations. Consistent free cash flow performance, along with our solid balance sheet, allow Cooper to execute a well balanced capital allocation program," said Cooper Industries Chairman and CEO Kirk S. Hachigian.
About Cooper Industries
Cooper Industries plc (NYSE: CBE) is a global electrical products manufacturer with 2011 revenues of $5.4 billion. Founded in 1833 Cooper's sustained success is attributable to a constant focus on innovation and 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 2011 fifty-nine percent of total sales were to customers in the industrial and utility end-markets and forty percent of total sales were to customers outside the United States. Cooper has manufacturing facilities in 23 countries as of 2011. For more information, visit the website at www.cooperindustries.com.
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SOURCE Cooper Industries plc