Eastman Board Declares Quarterly Cash Dividend, Approves $300 Million Share Repurchase and Selection of Stephen R. Demeritt as Lead Director
(Thomson Reuters ONE) -
KINGSPORT, Tenn., May 2, 2013 - The Board of Directors of Eastman Chemical
Company (NYSE:EMN) has declared a quarterly cash dividend of $0.30 per share on
the company's common stock. The dividend is payable July 1, 2013, to
stockholders of record as of June 14, 2013. The Board of Directors also approved
the repurchase of up to an additional $300 million of Eastman common stock.
"Both of these actions taken by our Board of Directors are a demonstration of
our continued commitment to return value to stockholders," said Curt Espeland,
senior vice president and chief financial officer. "They are also a reflection
of the company's strong financial position and confidence in Eastman's ability
to deliver consistent, superior value."
The new stock repurchase authorization is in addition to the remaining amount
under the $300 million of stock repurchases authorized by the Board in February
2011.
Share repurchases will be funded with available cash and 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.
In addition, the Board of Directors named independent director Stephen R.
Demeritt to serve as Lead Director. Demeritt has been an Eastman director since
2003. Demeritt served as Vice Chairman of the Board of Directors of General
Mills, Inc. from 1999 until his retirement in 2005. He joined General Mills in
1969 and served in various senior marketing positions, including President,
International Foods; and Chief Executive Officer, Cereal Partners Worldwide.
"I have every confidence that Steve will do an exemplary job in this new role
and that we will continue to benefit from his expertise in corporate management
and experience serving in leadership positions on corporate boards," said
director Howard L. Lance, Chair of the Nominating and Corporate Governance
Committee of the Eastman Board of Directors.
Demeritt succeeds director Gary E. Anderson as Lead Director, a position he
held since January 2011.
"Eastman has benefited greatly from Gary's leadership over the past two years,"
said Lance. "He is a valued member of our Board, and we are grateful for his
many contributions."
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 2012 pro forma combined
revenues, giving effect to the Solutia acquisition, of approximately $9.1
billion. The company is headquartered in Kingsport, Tennessee, USA and employs
approximately 13,500 people around the world. For more information, visit
www.eastman.com.
# # #
Contacts:
Media: Tracy Kilgore
423-224-0498/ tjkilgore(at)eastman.com
Investors: Greg Riddle
212-835-1620 / griddle(at)eastman.com
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eastman Chemical Company via Thomson Reuters ONE
[HUG#1698878]
Unternehmensinformation / Kurzprofil:
Datum: 02.05.2013 - 18:00 Uhr
Sprache: Deutsch
News-ID 255691
Anzahl Zeichen: 4813
contact information:
Town:
Kingsport
Kategorie:
Business News
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