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Kingsport, Tenn., USA, Feb 21, 2014 - (ACN Newswire) - The Board of Directors of Eastman Chemical Company (NYSE:EMN) has approved the repurchase of up to an additional $1 billion of Eastman common stock. The Board of Directors also declared a quarterly cash dividend of $0.35 per share on the company's common stock. The dividend is payable April 1, 2014, to stockholders of record as of March 14, 2014.
"These actions reflect the company's solid financial position, including our strong cash flow generation, and confidence in our ability to deliver consistent, superior value," said Curt Espeland, executive vice president and chief financial officer. "Both actions taken by our Board of Directors further reinforce its continued commitment to return value to stockholders and are indicative of Eastman's disciplined approach to capital allocation."
Share repurchases will be implemented through purchases made from time to time in either the open market or private transactions. The timing, volume, and nature of share repurchases will be at the discretion of management, depending on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. Eastman may also implement all or part of the repurchases under one or more Rule 10b5-1 trading plans, which would allow repurchases under pre-set terms at times when Eastman might otherwise be prevented from doing so under insider trading laws or because of self-imposed trading restrictions.
Eastman is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2013 revenues of approximately $9.4 billion. The company is headquartered in Kingsport, Tenn., and employs approximately 14,000 people around the world. For more information, visit www.eastman.com.
Contacts:
Media: Tracy Kilgore
+1-423-224-0498/ tjkilgore@eastman.com
Investors: Greg Riddle
+1-212-835-1620 / griddle@eastman.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eastman Chemical Company via Globenewswire
Topic: General Announcement
Source: Eastman Chemical Company
http://www.acnnewswire.com
From the Asia Corporate News Network
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