Rochester, NY 8/25/2009 9:08:05 PM
Lowe's Companies, Inc. LOW, Lowe's Companies, Inc. Joint Venture
Lowe's Companies, Inc.
Lowe's Companies, Inc. announced a joint venture agreement with Australia's retailer, Woolworths Limited, to develop a network of home improvement stores for consumers in Australia. Lowe's will be one-third owner of the destination home improvement chain stated under the agreement, which is slated to open its first store in fiscal 2011. More than 150 store sites is anticipated by partners target to secure over the next five years, with the first store expected to open in late 2011. In addition, Danks holding Limited Australia’s hardware distributor, the joint venture has made a recommended takeover offer for all the shares.
Lowe's Companies, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share, payable on October 30, 2009, to shareholders of record as of October 16, 2009.
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