MILWAUKEE--(BUSINESS WIRE)--Rexnord Corporation (NYSE:RXN) announced today that its Board of Directors declared a quarterly dividend to holders of the 5.75% Series A Mandatory Convertible Preferred Stock (the “Series A Preferred Shares”) of $14.375 per share (which dividend corresponds to $0.71875 per depositary share), payable on November 15, 2019 to stockholders of record as of November 1, 2019, representing the final dividend pursuant to the terms of the Series A Preferred Shares.
On November 15, 2019, all of the Company’s Series A Preferred Shares will automatically convert pursuant to their terms into common shares at a conversion ratio to be determined on November 12, 2019.
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 7,000 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. Additional information about the Company can be found at www.rexnordcorp.com.
Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Rexnord Corporation as of the date of the release, and Rexnord Corporation assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements” in the Company’s Form 10-K for the fiscal year ended March 31, 2019 as well as the Company’s annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the SEC for a further discussion of the factors and risks associated with the business.