Allegion Announces Quarterly Dividend and Share Repurchase Program
DUBLIN, Ireland--(BUSINESS WIRE)--Allegion plc (NYSE: ALLE), a leading global provider of security products and solutions, announced that its board of directors declared a quarterly dividend of $0.08 cents per ordinary share of the company. The board also authorized the repurchase of up to $200 million of the company's ordinary shares.
“The Board’s decision reaffirms this goal and enables us to pursue organic and acquisition-led investments while providing appropriate levels of return for investors and supporting our capital structure.”
The dividend is payable March 31, 2014, to shareholders of record on March 17, 2014.
"Our goal is to use our consistently strong cash flow to deliver value to our shareholders applying the right mix of investing in our growth and returning capital through dividends and stock repurchases,” said Dave Petratis, chairman, president and chief executive officer, Allegion. “The Board’s decision reaffirms this goal and enables us to pursue organic and acquisition-led investments while providing appropriate levels of return for investors and supporting our capital structure.”
Based on market conditions, share repurchases will be made from time to time in the open market and in privately negotiated transactions at the discretion of management.
This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to our business and growth strategy, our capital allocation strategy and our financial performance. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, our ability to fully realize the expected benefits of the spinoff; global economic conditions, demand for our products and services and tax law changes. Additional factors that could cause such differences can be found in our Form 10. We assume no obligation to update these forward-looking statements.
Allegion (NYSE: ALLE) creates peace of mind by pioneering safety and security. As a $2 billion provider of security solutions for homes and businesses, Allegion employs more than 7,800 people and sells products in more than 120 countries across the world. Allegion comprises 23 global brands, including strategic brands CISA®, Interflex®, LCN®, Schlage® and Von Duprin®.
For more, visit www.allegion.com.