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May 4, 2009

Black & Decker cuts dividend by more than 70 percent

TOWSON, Md. (AP) — The Black & Decker Corp. slashed its quarterly dividend by more than 70 percent last week, saying the move would save $54 million this year and preserve liquidity amid the recession.

The power tool maker's board of directors declared a cash dividend of 12 cents per share payable June 26 to stockholders of record at the close of business June 12. That's down from the 42 cents per share the company has paid since 2007.


 
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