Westlake Announces $500M Expansion of Existing Share Repurchase Program

Source: www.gulfoilandgas.com 8/12/2022, Location: North America

The Board of Directors of Westlake Corporation authorized the company to repurchase an additional $500 million of shares of its common stock under its existing share repurchase program. As of August 12, 2022, approximately 9.8 million shares of common stock had been acquired at an aggregate purchase price of approximately $600 million since the inception of its initial share repurchase program in 2011. After the expansion of the size of the current program, and as of August 12, 2022, an aggregate of approximately $550 million will be available for purchase under the program.

This expansion to the program is effective immediately. Repurchases under this program will be made through the open market or in privately negotiated transactions. Decisions regarding the amount and the timing of repurchases under the program will be subject to the company’s available liquidity and cash on hand, applicable legal requirements, general market conditions and other factors. The program does not obligate the company to repurchase any particular number of shares of common stock and may be discontinued by the Board of Directors at any time.

The Board of Directors also declared a regular dividend distribution of $0.3570 per share for the second quarter of 2022, an increase of 20% from the $0.2975 per share of the first quarter of 2022. This dividend will be payable on September 6, 2022, to stockholders of record on August 22, 2022.

This is the 72nd successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.


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