ANN ARBOR, Mich., Feb 24, 2012 (BUSINESS WIRE) -- Kaydon Corporation KDN +6.76% today announced that, on February 22, 2012, its Board of Directors declared a special cash dividend of $10.50 per share to be paid to shareholders of record as of March 5, 2012 with a payment date of March 26, 2012. The Company will fund the $337 million special dividend through available cash balances and committed bank credit availability.
James O'Leary, Chairman and Chief Executive Officer commented, "In an unprecedented and prolonged period of historically low interest rates, this new capital structure and significant return to our shareholders is both the appropriate corporate finance decision and right strategic action for Kaydon. Our long stated goal is to deliver increasing value to our shareholders in the most efficient and effective way possible. This transaction achieves this in a meaningful way, lowering our overall cost of capital without impairing our ability to grow the Company, both organically and through acquisition.
Why didn`t I sell at a profit
