The share repurchase program authorized the repurchase from time to time of up to $300 million of the Company’s Class A and Class B common stock. The program will be implemented through open market and privately negotiated transactions, and is expected to be completed over a three year period. Hubbell’s existing repurchase program – begun in early 1998 to purchase an equal value of stock – is expected to be virtually completed by year-end 2000. Once completed, the newly authorized program will begin.
The Board also declared a regular quarterly dividend of $.33 per share of the Company’s Class A and Class B common stock. The dividend will be paid on January 11, 2001, to shareholders of record on December 18 , 2000.
Certain statements contained herein may constitute forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include: achieving sales levels to fulfill revenue expectations; unexpected costs or charges, certain of which may be outside the control of the Company; general economic and business conditions; and competition.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, utility, and telecommunications markets. With $1.4 billion in annual revenues, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Switzerland, and the United Kingdom, participates in a joint venture in Taiwan, and maintains sales offices in Singapore, Hong Kong, South Korea, and the Middle East. The corporate headquarters is located in Orange, CT.