CONSHOHOCKEN, Pa. - Industrial process fluids leader Quaker Houghton announced a quarterly cash dividend and a new stock repurchase program. The company's Board of Directors declared a quarterly cash dividend of $0.455 per share, payable on April 30, 2024, to shareholders of record at the close of business on April 16, 2024.
Moreover, Quaker Houghton has initiated a share repurchase program, authorizing the buyback of up to $150 million of its common stock.
The new repurchase program replaces the company's previous 2015 share repurchase program, which has been terminated. Shares may be repurchased through various methods, including open market transactions and privately negotiated deals, in compliance with securities laws and other legal requirements.
The repurchase plan's specifics, such as timing and volume, will be at the company's discretion and subject to market conditions and other factors.
Andy Tometich, CEO and President of Quaker Houghton, expressed enthusiasm for the company's growth prospects and commitment to shareholder value, emphasizing a balanced approach to capital allocation, prioritizing dividends and growth investments.
The funding for the repurchases is expected to come from cash on hand and projected future free cash flow. The company made it clear that there is no obligation to repurchase any shares, and the program may be altered or discontinued at their discretion.
Quaker Houghton, headquartered in Conshohocken, Pennsylvania, serves a global clientele, including leaders in the steel, automotive, aerospace, and metalworking industries, among others. The company boasts a workforce of approximately 4,600 employees and prides itself on offering high-performing, innovative, and sustainable solutions to its customers.
The information reported here is based on a press release statement from Quaker Houghton.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.