Eastman Chemical Co. (NYSE:EMN) announced Thursday a quarterly cash dividend of 44 cents a share, and its plan to repurchase $300 million of the company’s common stock.
The dividend will be payable October 1 to stockholders of record as of September 13.
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“The quarterly dividend and new share repurchase authorization reflect the strong financial position of this company and demonstrate our ongoing commitment to returning cash to stockholders,” said chief financial officer Curt Espeland.
The plastic maker said available cash priorities are dedicated to paying the dividend, funding targeted growth initiatives, and repurchasing shares primarily to offset dilution.