SPX considering paying dividend in 2004

By Peter Heap

New York, July 28 - SPX Corp. said it is considering resuming payment of a stock dividend in 2004.

The Charlotte, N.C. diversified manufacturer said in a filing with the Securities and Exchange Commission that its board of directors will be studying dividend policy during this year, with a decision expected for the first quarter of 2004.

"This reconsideration is being undertaken in light of recent changes in tax laws and related shareholder expectations," the company said.

No dividend is expected to be paid this year, SPX added.

Factors to be considered by the directors include the company's goal of maintaining investment-grade status and sufficient financial flexibility, peer group policies and investor opinions, the company said in the SEC filing.

SPX noted that its credit facility covenants and senior note indentures contain some restrictions on the payment of dividends.

SPX stopped paying dividends in 1997.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.