The Board of Directors of the Corporation announced a declaration of a dividend of nine cents ($0.09) per share on the common stock of the Corporation which compares to $0.18 per share in the prior quarter. The dividend will be paid on April 29, 2016 to shareholders of record on April 15, 2016. The cash savings generated from the reduction in the dividend rate will allow the Corporation to strategically invest into its businesses and explore other opportunities which may present themselves. The Board of Directors will continue to review the dividend quarterly to determine if adjustments (up or down) are appropriate.
Ampco-Pittsburgh Corporation, through its operating subsidiaries, is a leading producer of forged and cast rolls for the worldwide steel and aluminum industries as well as ingot and open die forged products for the oil and gas, aluminum, and plastic extrusion industries. It is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. Ampco-Pittsburgh Corporation operates manufacturing facilities in the United States and the United Kingdom, with sales offices in the United States, United Kingdom, and Belgium. Corporate headquarters is located in Pittsburgh, Pennsylvania.