MILWAUKEE--(BUSINESS WIRE)--Feb. 10, 2017--
The Badger
Meter, Inc. (NYSE: BMI) Board of Directors today declared a regular
quarterly cash dividend of $0.115 per share to shareholders of record
February 28, 2017, payable March 15, 2017. The Company also announced
that its Board of Directors authorized a limited, three-year stock
repurchase program that allows the Company to purchase up to 400,000
shares on the open market (or in privately negotiated transactions) at
prevailing prices, to be used for issuance under the Company’s
stock-based employee benefit plans, subject to market conditions,
applicable legal requirements and other factors.
The Company also announced the appointments of two directors of the
company to fill vacancies created when the Board of Directors increased
the number of directors constituting the Board by two to a total of
eleven. Todd A. Adams, 46, president and chief executive officer of
Rexnord Corporation, and Glen E. Tellock, 55, president and chief
executive officer of Lakeside Foods and former chairman, president and
chief executive officer of The Manitowoc Company, Inc., have been
appointed directors of the Company effective as of February 10, 2017.
Adams joined Rexnord, a global diversified industrial company based in
Milwaukee, in 2004. He was appointed senior vice president and chief
financial officer in 2008 and president of the company’s water
management platform in 2009, before being appointed president and chief
executive officer and elected to Rexnord’s board of directors in 2009.
Prior to joining Rexnord, Adams held various leadership positions at the
Boeing Company, APW Ltd. and Applied Power Inc. (now Actuant
Corporation). Adams also serves on the board of Generac Holdings Inc.
Tellock has more than 30 years of experience in global operational and
financial leadership. He was named president and chief executive officer
of Lakeside Foods in May 2016. Prior to that, he served The Manitowoc
Company, one of the world’s largest providers of lifting equipment for
the global construction industry, from 1991 to 2015. He held various
leadership positions with The Manitowoc Company, including chief
financial officer, until his appointment as president and chief
executive officer in 2007. He was named chairman, president and chief
executive officer in 2009. Prior to The Manitowoc Company, Tellock held
roles at The Denver Post Corporation and Ernst & Whinney. He currently
serves on the board of Astec Industries, Inc., and previously served on
the boards of the Association of Equipment Manufacturers, National
Association of Manufacturers and Wisconsin Manufacturers & Commerce.
“Todd and Glen each bring a depth of public-company leadership
experience and expertise in managing complex manufacturing operations to
our board. Todd’s background in water management solutions and Glen’s
experience in leading a multi-billion-dollar global company will be
especially valuable to our board and management team,” said Richard A.
Meeusen, chairman, president and chief executive officer of Badger Meter.
Current board members Ronald H. Dix and Steven J. Smith are not standing
for re-election at the Company’s upcoming annual meeting of shareholders
on April 28, 2017, as Mr. Dix has reached the mandatory retirement age
and Mr. Smith has elected to focus on various personal and business
commitments and not seek an additional term. They will continue to serve
as directors until the annual shareholder meeting. Mr. Dix has served on
the board since 2005 and Mr. Smith since 2000. “On behalf of our Board
of Directors and shareholders, I would like to thank Ron and Steve for
their valuable counsel and many years of service to Badger Meter,” said
Meeusen.
About Badger Meter
Badger Meter is an innovator in flow measurement, control and
communications solutions, serving water utilities, municipalities, and
commercial and industrial customers worldwide. The Company’s products
measure water, oil, chemicals, and other fluids, and are known for
accuracy, long-lasting durability and for providing valuable and timely
measurement data. For more information, visit www.badgermeter.com.
Badger Meter company news is available
24 hours a day, on-line at: http://www.badgermeter.com.
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Source: Badger Meter, Inc.
Badger Meter, Inc.
Dawn O’Neill, (414) 371-7276