EXHIBIT 99.1
January 19, 2001
FROM: FOR:
Padilla Speer Beardsley Inc. Donaldson Company, Inc.
224 Franklin Avenue West P.O. Box 1299
Minneapolis, Minnesota 55404 Minneapolis, Minnesota 55440
(NYSE: DCI)
Chris Bauer Rich Sheffer
(612)871-8877 (952)887-3753
FOR IMMEDIATE RELEASE
DONALDSON COMPANY AUTHORIZES STOCK REPURCHASE PROGRAM;
BOARD DECLARES QUARTERLY CASH DIVIDEND
MINNEAPOLIS, Jan. 19 - Donaldson Company, Inc. (NYSE:DCI), today
announced that the company's board of directors authorized the repurchase of up
to 4.5 million common shares and declared a regular quarterly cash dividend.
The repurchase authorization of 4.5 million common shares, which is
effective through the end of March 2003, replaces the existing authority that
was due to expire at the end of January 2001. Previously, the company
repurchased 3.5 million common shares out of the 5 million common shares
authorized in the expiring authority. Stock repurchases may be implemented
through a variety of methods, including open market share repurchases, privately
negotiated share repurchases, accelerated share repurchase programs, equity
options or other similar facilities.
The board today also declared a cash dividend of seven and one-half
cents per share, payable March 13, 2001 to shareholders of record as of February
23, 2001. As of December 31, 2000, there were approximately 44,300,000 shares
outstanding. The current declaration is the 182nd consecutive quarterly cash
dividend paid by the Company.
Donaldson Company, Inc., headquartered in Minneapolis, Minn., is a
leading worldwide provider of filtration systems and replacement parts. Founded
in 1915, Donaldson is a technology-driven company committed to satisfying
customer needs for filtration solutions through innovative research and
development. Donaldson serves customers in the industrial and engine markets
including dust collection, power generation, specialty filtration, off-road
equipment, trucks, and automotive. More than 8,400 employees contribute to the
company's success at roughly 40 manufacturing locations around the world. In
fiscal year 2000, Donaldson reported record sales of more than $1 billion and
achieved its eleventh consecutive year of double-digit earnings growth.
Donaldson is a member of the S&P MidCap 400 Index and Donaldson shares are
traded on the New York Stock Exchange under the symbol DCI.
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