Chairman Fred Bauer announced the board was the increasing the quarterly dividend from 14 cents to 16 cents on July 18 for shareholders of record on July 8.
HUDSONVILLE, MI – Gentex Corp. had good news in the form of a 14 percent dividend increase for shareholders who gathered for their annual meeting at the Pinnacle Center on Thursday, May 15.
Fred Bauer, chairman of the Zeeland-based maker of automatic dimming rearview mirrors, announced the board was the increasing the quarterly dividend from 14 cents to 16 cents on July 18 for shareholders of record on July 8.
“The company is pleased to announce this significant increase in the dividend rate as a result of our continued success in our operating results due to growth in our core electrochromic mirror business, as well as the early success of the HomeLink integration," said Bauer, referring to an acquisition the company made last year.
Bauer, who founded Gentex in 1974, told the gathering the company has paid shareholders a total of $665 million since it began paying dividends 11 years ago.
“Let’s have a moment of silence,” Bauer said with a smile. “That’s a big number.”
Gentex recently reported a 25 percent growth in first quarter sales and a 51 percent increase in first quarter profits.
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During Thursday’s meeting, Gentex executives also unveiled a new products and product designs that included a video system to eventually replace the static camera systems now used for its mirror-mounted rear-facing camera systems.
The video-based system is being used on Audi’s new E-tron concept car and should find its way into other production vehicles soon, said Senior Vice President Mark W. Newton. He also introduced new sleeker designs for the company’s rearview mirrors.
Gentex also introduced a new slogan, “Looking Out for You,” and a new corporate video to emphasize the company’s focus on vehicle safety.
The company also honored Arlen Lanting, who is retiring after 33 years on the company’s board of directors.
Jim Harger covers business for MLive/Grand Rapids Press. Email him at jharger@mlive.com or follow him on Twitter or Facebook or Google+.