News Article
II-VI declares two-for-one common stock split
This financial measure is intended to further improve the firm’s liquidity and make its shares more accessible to institutional and individual shareholders.
II-VI Incorporated has announced that its Board of Directors has authorised a two-for-one stock split of the Company's Common Stock in the form of a 100% common stock dividend.
Shareholders of record as of the close of business on June 3, 2011 will receive one additional share of II-VI common stock for each share then owned. II-VI expects that its transfer agent, American Stock Transfer and Trust Company, will distribute the additional shares on or about June 24, 2011. There are currently approximately 31.3 million shares of II-VI common stock outstanding. Upon completion of the stock split, there will be approximately 62.6 million common shares outstanding.
Francis J. Kramer, president and chief executive officer of II-VI Incorporated, stated, "Today's stock split reflects our continued commitment to building value for our shareholders and demonstrates the confidence of our Board of Directors and management in both the fundamentals and growth potential of our business. In addition, the split is intended to further improve our liquidity and to make our shares more accessible to institutional and individual shareholders."
II-VI Incorporated is a vertically-integrated manufacturing company that uses crystal growth technology to manufacture and markets products for diversified markets including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectronics applications.
Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the company produces numerous crystalline compounds for infrared laser optics, SiC for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.
