CONSHOHOCKEN, PA — Quaker Houghton (NYSE: KWR), a leading global provider of process fluids, chemical specialties, and technical expertise, has announced a two-pronged strategy to enhance shareholder value. The company’s Board of Directors has declared a quarterly cash dividend while simultaneously authorizing a substantial new share repurchase program.
Shareholders can anticipate a cash dividend of $0.455 per share, scheduled for payment on April 30, 2024. This dividend will be available to shareholders recorded as of the close of business on April 16, 2024.
Alongside this, Quaker Houghton has taken steps to buy back its own shares, launching a new repurchase program that authorizes the company to buy up to an aggregate of $150 million of its common stock. This move comes as the company terminates its previous 2015 share repurchase program.
“The long-term growth opportunities for Quaker Houghton excite us,” said Andy Tometich, Chief Executive Officer and President. “We remain committed to enhancing value for our shareholders through a balanced capital allocation strategy, maintaining a disciplined approach to capital deployment with a priority towards our dividend and growth investments.”
The company is authorized to repurchase its common stock via various methods including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions, derivative transactions, or otherwise. Some of these methods may be executed under a trading plan that meets the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, in compliance with applicable state and federal securities laws.
The timing, number, and value of shares repurchased under the program will be determined by Quaker Houghton, based on a variety of factors. These include the intrinsic value of the company’s common stock, the market price of the stock, general market and economic conditions, available liquidity, compliance with the company’s debt and other agreements, legal requirements, and other investment opportunities.
While the company is not obligated to purchase any shares under the repurchase program, it expects to fund the repurchases using cash on hand and forecasted free cash flow. The program may be suspended, modified, or discontinued at any time without prior notice. This dual approach of dividend payout and share buyback underscores Quaker Houghton’s commitment to delivering shareholder value.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.