LIONVILLE, Pa. (Aug. 24)—Medical components maker West Pharmaceutical Services Inc.'s board of directors has approved a 2-for-1 stock split of its common stock, the company announced Aug. 24.
The stock split will be in the form of a 100-percent stock dividend that will be distributed on Sept. 29 to shareholders of record on Sept. 15. As of June 30, there were about 15.25 million outstanding West shares, which would increase to 30.5 million.
West's stock price hovered in the $39-per-share range Aug. 24.
The company also declared a quarterly cash dividend of 22 cents per share pre-split, an increase from 21 cents per share in the same quarter last year. The dividend will be paid after the stock split, resulting in 11 cents per post-split share payable on Nov. 3 to shareholders of record on Oct. 20.
"With the stock split we hope to make our stock more accessible to a broader range of investors," said William Federici, West chief financial officer.
The additional shares will be mailed or delivered on or about Sept. 29 by the company's transfer agent, American Stock Transfer and Trust Company, West said.