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The company will use the capital to fund the final testing and roll out phase of its Elixir water treatment system that is installed at the Villa Park Dam in Orange, California. This modular water treatment system produces one acre-foot or 326 000 gallons per day of clean drinking water.
SIONIX develops new concepts in modular packaged water treatment systems using dissolved air flotation and membrane technology for drinking water and wastewater treatment systems for municipalities and industrial use. For further information, visit www.sionix.com Parker in stock split, accelerated share repurchase P arker Hannifin's board of direc- tors has authorized a 3-for-2 stock split and a US$500 million accelerated share repurchase.
The stock split will be effected in the form of a dividend. One additional share will be issued on 1 October 2007 for each two shares of Parker common stock held by shareholders of record at the close of business on 17 September 2007. Parker common stock will begin trading at the split adjusted price on 2 October 2007. The board also authorized the accelerated repurchase of US$500 million worth of common stock.
"These actions reflect Parker's ongoing commitment to improving our shareholders' total return," said CEO Don Washkewicz. "Our strong cash flow is allowing us to accelerate the deployment of cash to benefit our shareholders, and at the same time maintain the capacity to continue to drive organic growth through innovation and invest in strategic acquisitions. By executing Parker's Win Strategy, our employees have enabled the company to achieve record revenues, earnings and cash flow for the past four years in a row. Our shareholders are benefiting from our sustained success. Going forward, we see continued global demand for our motion and control technologies and products. We're confident that our proven business model will continue to deliver consistent profitable growth and generate high levels of cash flow.
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