McCormick & Co. (MKC) Declares $0.26 Quarterly Dividend; 2.6% Yield; Announces $400M Stock Repurchase

June 22, 2010 5:17 PM EDT
McCormick & Company, Incorporated (NYSE: MKC) today declared a quarterly dividend of $0.26 per share on its common stocks, or $1.06 annualized.

The dividend is payable July 20, 2010, to shareholders of record on July 6, 2010. The ex-dividend date is July 2, 2010.

Yield on the dividend is 2.6%.

The Board of Directors also authorized a new share repurchase program. Under the new program, McCormick is authorized to purchase up to $400 million of its outstanding shares. Following the acquisition of Lawry’s in 2008, the Company has made steady progress in reducing the related debt and expects to increase the pace of share repurchase toward the end of fiscal year 2010.

McCormick Chairman, President & CEO, Alan Wilson said: “During the past five years, we have returned more than $1 billion of cash to our shareholders through dividends and share repurchases. Today’s actions reflect our outlook for the continued growth of our business as well as our commitment to provide cash returns to our shareholders.”

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