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Drew Industries Inc.’s board of directors approved a two-for-one split of the company’s common stock to be issued in the form of a stock dividend.
The NYSE-listed company will issue one new share of Drew common stock on Sept. 7 for each share held by stockholders of record as of Aug. 19.
Leigh Abrams, president and CEO of the White Plains, N.Y.-based company, said the announcement “reflects the board’s recognition of Drew’s performance and confidence in our strategy of product development, market share growth and acquisitions. We expect the additional shares outstanding from this split will broaden and diversify the market for our stock, while also increasing our trading volume.”
Drew, parent to Goshen, Ind.-based Lippert Components Inc. and Kinro, Arlington, Texas, supplies a broad range of components to the recreational vehicle and manufactured housing industries.