Genuine Parts Company Declares Regular Quarterly 2008 Dividend and Announces Additional 15 Million Share Repurchase Program
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ATLANTA, November 17, 2008: The Board of Directors of Genuine Parts Company declared a regular quarterly cash dividend of thirty-nine cents ($.39) per share on the Company's common stock.
The dividend is payable January 2, 2009 to shareholders of record December 5, 2008.
Tom Gallagher, Chairman, President and Chief Executive Officer of Genuine Parts Company also announced today the Company has increased the number of shares of its common stock authorized for repurchase by 15 million shares. Mr. Gallagher stated, "The Company will continue to make purchases from time to time on the open market or in unsolicited negotiated transactions."
The Company's share repurchase program originally authorized the repurchase of 15 million shares in August 1994, April 1999 and August 2006, for a total authorization of 45 million shares. Through the current date, the Company has purchased approximately 41.4 million shares under this program and remains authorized to complete the purchase of the approximately 3.6 million shares outstanding. Mr. Gallagher concluded, "We are pleased with the progress in the current repurchase program and believe this additional authorization will help to further enhance shareholder value."