NEW YORK — Standard Motor Products’ board of directors has voted to suspend its quarterly dividend. The next dividend would otherwise have been payable on March 1.
Lawrence Sills, Standard Motor Products’ chairman and chief executive officer, commented, "We have approximately $45 million outstanding of our original $90 million convertible debentures, due in July 2009. We are exploring various outside financing alternatives to help redeem these, as we concurrently execute a plan in place to retire the balance through internal cash flow. Suspension of the dividend is part of that plan."