Published December 10, 2014 7:45am EST | Updated January 8, 2015 3:02pm EST

Pentair Raises Quarterly Dividend, Unveils $1 Billion Share Buyback Program

Pentair Plc said Wednesday it's raising its quarterly dividend by 16% and planning to buy back $1 billion of shares. The UK engineering company said its dividend will be increased to $1.28 a share from $1.10. The new dividend will be paid on Feb. 13, 2015 to shareholders of record as of Jan. 31. The share buyback program is effective immediately and expires on Dec. 31, 2019. Shares have fallen 19.2% in the year so far, while the S&P 500 has gained 12%.