Westlake Chemical board authorizes company to repurchase up to US$100M in shares of common stock, declares 16% increase in quarterly dividends
August 22, 2011
– The board of directors of Westlake Chemical Corporation (NYSE:WLK - News) on Friday authorized the company to repurchase up to $100 million in shares of its common stock.
Albert Chao, President and CEO of the company, stated: “Earlier this month we reported financial results that are among the strongest that we have ever achieved. We believe this program demonstrates our confidence in the company’s bright future.”
This program is effective immediately. Repurchases under this program will be made through the open market or in privately negotiated transactions. These repurchases may be begun or suspended from time to time without prior notice.
The board also declared on Friday a dividend of 7.375 cents per share, payable on September 13, 2011, to stockholders of record on September 2, 2011. This represents an increase of 1.025 cents per share, or 16%, over the 6.35 cents per share that the company has previously paid.
This is the 28th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company’s range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products including pipe, windows and fence. For more information, visit the company’s Web site at www.westlake.com.
The statements in this release relating to future results, as well as any other matters that are not historical facts, are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially. For more detailed information about factors that could cause actual results to differ materially, please refer to Westlake’s Annual Report on Form 10-K for the year ended December 31, 2010, which was filed in February 2011.