Caterpillar announces stock dividend

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Caterpillar's board of directors declared a quarterly cash dividend of 42 cents per share of common stock, payable Feb. 20 to those stockholders of record at the close of business Jan. 20.

"The economic crisis of the last year has been unprecedented, but Caterpillar's focus on preparing for a recession, dating back to the strategy we rolled out in 2005, has served us well," chairman and chief executive officer Jim Owens said in a statement. "We're making tough decisions required to come out of this downturn as a stronger company.

"I am pleased we are maintaining our dividend rate and rewarding our stockholders," he added.

The 42 cent dividend maintains the rate from the previous quarter.

Caterpillar has paid a cash dividend every year since the company was formed in 1925 and its cash dividend has nearly tripled since 1998, the company said.

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