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PORTLAND, Ore., Aug. 14, 2013 (GLOBE NEWSWIRE) -- At yesterday's quarterly board meeting, the board of directors of Precision Castparts Corp. (NYSE:PCP) declared a quarterly cash dividend and authorized an increase to its share repurchase program.
A quarterly cash dividend of $0.03 per share on the company's common stock will be payable on September 30, 2013, to shareholders of record at the close of business on September 6, 2013.
The board also approved an additional $750 million for use in the Company's stock repurchase program, effective immediately and continuing through June 2015. This amount is in addition to approximately $400 million remaining from a prior authorization.
"As we have done in the past, we will continue to aggressively pursue synergistic acquisitions as the primary use of our cash flow," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "At the same time, we will use share repurchases opportunistically to enhance value creation for shareholders. Our decision to expand the share repurchase program is firmly supported by the Company's growth and cash generation expectations."
Repurchases under the Company's program will be made in open market or privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. This share repurchase plan does not obligate Precision Castparts Corp. to acquire any particular amount of common stock, and it may be suspended at any time at the Company's discretion. Precision Castparts Corp. had approximately 145.5 million shares of common stock outstanding as of August 1, 2013.
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components and highly engineered, critical fasteners for aerospace applications. The Company is also the leading producer of airfoil castings for the industrial gas turbine market. In addition, PCC manufactures extruded seamless pipe, fittings, forgings, and clad products for power generation and oil & gas applications; commercial and military airframe aerostructures; and metal alloys and other materials to the casting, forging, and other industries.