ORANGE, Conn.--(BUSINESS WIRE)--Feb. 16, 2007--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 $200 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 over a two year period. The repurchase program authorized today will be implemented upon completion of the current $100 million repurchase program announced in February, 2006, which has a remaining authorization of approximately $35 million.
The Board also declared a regular quarterly dividend of $.33 per share on the Company's Class A and Class B common stock. The dividend will be paid on April 11, 2007 to shareholders of record on March 12, 2007.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, residential, utility, and telecommunications markets. With 2006 revenues of $2.4 billion, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Italy, Switzerland, Brazil, Australia and the United Kingdom, participates in joint ventures in Taiwan and the People's Republic of China, and maintains sales offices in Singapore, Hong Kong, South Korea, the People's Republic of China, Mexico, and the Middle East. The corporate headquarters is located in Orange, CT.
CONTACT: Hubbell Incorporated Thomas R. Conlin, 203-799-4100 SOURCE: Hubbell Incorporated