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From the Boardroom
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Business New Haven
12/29/1997
By: Russell Stone
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STAMFORD - The board of directors of General Signal (NYSE: GSX) announced both an increase in its stock dividend and new personnel appointments. The quarterly dividend was raised from 25 1/2 cents to 27 cents per share. In addition, the company promoted Ernie Verebelyi to executive vice president of operations, and Larry Smith to vice president of engineering. Both men recently came to General Signal from Emerson Electric.
ORANGE - The board of Hubbell (NYSE: HUBa) took a special charge against earnings and declared a share buy-back program. The $50 million charge will be used to cover consolidation and reorganization of the company's electrical and utility products, and the company hopes to realize substantial future savings from the reorganization. The board also approved a $300 million share buy-back program of both Class A and B common stock.
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