|
|
Contributed
In this file photo provided by Gentex Corp, a worker mixes chemicals.
|
Zeeland
The Gentex Corp. Board of Directors has approved an eight percent increase in its quarterly cash dividend rate, the manufacturer announced today. The change brings the dividend rate from 12 cents to 13 cents per share.
The board declared a divided at the raised rate that will be payable April 20, 2012, to shareholders recorded as holding common stock at the close of business on April 5, according to Gentex.
The Zeeland-based company manufactures auto-dim rearview mirrors, along with camera-based lighting-assist and driver-assist systems for the automotive industry, commercial fire protection products and dimmable aircraft windows.
“Our goal has been to have the dividend rate be meaningful, sustainable and increase over time, at a rate generally in line with the Company’s net income and operating cash flow,” Gentex Chairman of the Board and Chief Executive Officer Fred Bauer said in released statement
The quarterly cash dividend program was implemented based on establishment of The Jobs and Growth Tax Relief Reconciliation Act of 2003, which reduced the federal income tax rate for shareholders who receive corporate cash dividends, according to Gentex. The legislation made the declaration of a dividend a more tax-efficient means of returning value to shareholders.