The board of directors of Iron Mountain Inc. (NYSE:IRM), an information management company, announced a 33% increase in its quarterly cash dividend, to 25 cents a share from 18.75 cents.
"This action taken by our Board, which follows the announcement of our $250 million variable stock purchase plan in May, represents another step in delivering on our commitment to return $2.2 billion of capital to stockholders through 2013, including $1.2 billion by May 2012," said Richard Reese, Iron Mountain's chairman and chief executive. "The quarterly dividend is the foundation of our approach to shareholder payouts and we intend to increase our dividend as our earnings and cash flows grow.
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The dividend is payable July 15, 2011 to stockholders of record June 24, 2011.