ORANGE, Conn.--(BUSINESS WIRE)--Sept. 10, 2003--The Board of Directors of Hubbell Incorporated (NYSE: HUBA, HUBB) today announced the authorization of a stock repurchase program and declared a regular quarterly dividend.
The share repurchase program authorizes the repurchase from time to time of up to $60 million of the Company's Class A and Class B common stock. The program will be implemented through open market and privately negotiated transactions. The timing of such transactions will depend on a variety of factors, including market conditions, but the program is expected to be completed within no later than three years. The repurchase program authorized today replaces the program announced in December 2000.
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 October 10, 2003, to shareholders of record on September 22, 2003.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, residential, utility, and telecommunications markets. With 2002 revenues of $1.6 billion, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Italy, Switzerland, and the United Kingdom, participates in a joint venture in Taiwan, and maintains sales offices in Singapore, Hong Kong, South Korea, People's Republic of China, and the Middle East. The corporate headquarters is located in Orange, CT.
CONTACT: Hubbell Incorporated Thomas R. Conlin, 203-799-4100 SOURCE: Hubbell Incorporated