NewMarket Corporation Declares Special Dividend of $25
The Board of Directors of NewMarket Corporation (NYSE: NEU) declared a special dividend in the amount of $25.00 per share on the common stock of the Corporation. The dividend is payable on November 27, 2012 to NewMarket shareholders of record at the close of business on November 7, 2012. NewMarket will fund this payment of approximately $335 million by drawing on its revolving credit facility.
Thomas E. Gottwald, CEO of NewMarket, stated, “This special dividend is intended to reward our shareholders while retaining the financial capability to meet opportunities as they arise, all while continuing our regular dividend. We are generating significant amounts of cash, in excess of our internal growth needs. After this action we will continue to have low debt leverage. As we have stated previously, we will continue to deploy every means available to increase shareholder value, through investing in our core operations, seeking acquisitions, paying dividends and repurchasing stock. We remain optimistic about our future and expect to continue to be able to generate increased shareholder value.”
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