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The Board of Directors of NewMarket Corporation
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.”
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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