GE Board of Directors Approves 12% Increase in Quarterly Dividend and Increases Existing Share-Repurchase Authorization by $10B
FAIRFIELD, Conn.--(BUSINESS WIRE)-- The Board of Directors of General Electric Company (NYS: GE) today raised the Company's quarterly dividend by 12%, or $0.02 per outstanding share of the Company's common stock, to $0.19 per outstanding share of the Company's common stock. The Board declared that the dividend is payable January 25, 2013 to shareowners of record at the close of business on December 24, 2012. The ex-dividend date is December 20, 2012.
In addition, the Board increased the existing share-repurchase authorization by $10 billion and extended the repurchase plan through 2015, which otherwise would have expired on December 31, 2013. As of the end of the third quarter of 2012, the plan had approximately $4.9 billion in remaining authorization.
"We are pleased to increase GE's quarterly dividend for the fifth time in three years," GE Chairman and CEO Jeff Immelt said. "In addition to investing in long-term growth, returning cash to our shareholders remains a top priority. Coupled with our strong operational outlook, today's announcement underscores our balanced and disciplined approach to capital allocation."
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