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Samuel Manu-Tech Suspends Dividend
06/08/2009 - Samuel Manu-Tech announces its decision to suspend its dividend effective with Second Quarter 2009.
Samuel Manu-Tech Inc. has decided to suspend its dividend effective with Second Quarter 2009.
"Samuel Manu-Tech is not immune to the widespread economic compression in North America," commented Mark C. Samuel, Chairman and CEO.
“We continue to experience extremely negative conditions in all of our served markets and our current level of performance is weak. As a result, we have made the difficult decision to suspend our dividend until we are confident that normal market conditions have returned.
"We are aggressively reducing costs in all areas of our businesses, including some painful manpower reductions,” continued Samuel. “We believe that it is prudent to suspend our normal dividend at this time in order to conserve cash."
Samuel Manu-Tech Inc. is a leading North American industrial products and technology company producing and distributing a wide range of steel, plastic and related industrial products and services from locations in Canada, United States and Mexico.
