Trinseo (TSE) Announces $200M Share Buyback; Declares $0.32 Dividend
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Trinseo (NYSE: TSE), a global materials solutions provider and manufacturer of plastics and latex binders, today announced that its Board of Directors authorized the repurchase of up to $200 million of its ordinary shares, subject to certain parameters defined by the Board of Directors. This authorization expires in 18 months. All repurchases will be carried out by way of redemption in accordance with Irish law and the Company’s constitutional documents.
In addition, Trinseo’s Board of Directors authorized a quarterly dividend of $0.32 per share. The dividend will be a cash distribution payable on January 20, 2022 to shareholders of record as of the close of business on January 6, 2022.
Frank Bozich, President and Chief Executive Officer of Trinseo, commented, “Given our expected record 2021 profitability and strong cash generation, we expect our net leverage ratio will be in the low-two-times range at the end of the year. Given this, our expected continued cash generation, and our ongoing portfolio transformation, we thought it was an appropriate time to re-initiate a share repurchase program. This should enable us to opportunistically repurchase shares in an accretive fashion to drive value for shareholders.”
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Create E-mail Alert Related CategoriesCorporate News, Dividends, Stock Buybacks
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