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Albemarle Corp Announces 20% Dividend Increase; Approves Expansion of Share Repurchase Program

Tuesday, 12 Feb 2013 04:03pm EST 

Albemarle Corp announced that the Board of Directors increased the quarterly dividend to $0.24 per share, up 20% from $0.20 paid last quarter. The dividend is payable April 1, 2013 to shareholders of record at the close of business March 15, 2013. The new annualized dividend rate is $0.96 per share. The Board of Directors also authorized an increase in the number of shares the Company is permitted to repurchase under its existing share repurchase program to 15 million from 3.9 million shares that remained outstanding under the program as of December 31, 2012. The Company currently expects to repurchase approximately 10% of its outstanding shares over the next 10 to 15 months. Share repurchases will be funded through a combination of available cash on hand, free cash flow and possibly debt. 

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