About The Associated Press

The Associated Press 212-621-1500
Associated Press
The Associated Press

Contact Us | Video | RSS | Mobile

Daily Photo Galleries

Tuesday - May 21, 2013

Monday - May 20, 2013

Saturday - May 18, 2013

Consumer product maker Colgate-Palmolive Co. said Thursday that its board approved a 2-for-1 stock split, its first since 1999.

The maker of Colgate toothpaste and Palmolive dish soap said it will raise its dividend 10 percent.

Companies typically split their stock when they think the price of an individual share has gotten too expensive or if the stock is trading too far above similar companies' stock. The value of each shareholder's stake remains the same, with more stock owned at a lower price for each share.

The 2-for-1 split will occur via a stock dividend on April 23, with share distribution on May 15.

The total number of shares outstanding will increase to 936 million from 468 million.

The regular quarterly dividend will be raised 6 cents to 68 cents, payable on May 15 to shareholders of record as of April 23. The new dividend will be $2.72 a year, or $1.36 after the stock split.

Colgate-Palmolive reported in January its fourth-quarter net income rose 1 percent on higher prices and cost cuts. Consumer product makers have been raising prices and trimming costs to balance high costs for raw materials. Colgate is cutting 6 percent of its staff by 2016 as part of a broader cost-cutting program.

1. Profit drops 29 percent in first quarter at American Eagle Outfitters
2. Retired UPMC surgeon sues surgical device maker over patents
3. Westinghouse hires regional president
4. Be a pest employers admire
5. ESPN cutting workforce, ‘smartly managing costs’
6. UPMC will cut 100 transcribers’ jobs
7. Union members picket at FirstEnergy meeting in W.Va.
8. You matter more than your school
9. Business incubator AlphaLab shows off fledgling Western Pennsylvania firms
10. PPG Corning bankruptcy plan receives preliminary approval
11. As yen falls, so does cost of products from Japan

Subscribe today! Click here for our subscription offers.