Dow Announces $1.5 Billion Share Repurchase Program
The Dow Chemical Company (NYSE: DOW) announced today that its board of directors has approved a share buy-back program, authorizing the repurchase of up to $1.5 billion of the Company's common stock. Purchases under this program may be made over time in open market or privately negotiated transactions.
"This repurchase program underscores the board's confidence in Dow's earnings, cash flow and growth potential as we continue executing against our strategic agenda, and illustrates our ongoing commitment to increasingly reward shareholders,” said Andrew N. Liveris, Dow's chairman and chief executive officer. “Going forward, our three priorities for uses of cash will remain consistent: further deleveraging, returning value to our shareholders and investing for attractive, high-margin organic growth in our downstream businesses."
This represents the latest action in a series of measures Dow has taken to increasingly reward shareholders. In 2012 the Company reported a 34 percent increase in dividends declared per share versus 2011.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.