Dow announces $1.5bn share buyback programme
By PRW Staff
Posted 18 February 2013
Dow Chemical has announced plans to buy back up to $1.5bn-worth (£967m) of its shares.
The US chemical giant said the share purchases would be made either on the open market or in privately negotiated deals.
Andrew Liveris, Dow’s chairman and chief executive officer, said the buyback programme underscored the board's confidence in Dow’s earnings, cash flow and growth potential.
“Going forward, our three priorities for uses of cash will remain consistent: further deleveraging; returning value to our shareholders, and investing for attractive, high-margin organic growth in our downstream businesses,” he added.
Liveris said the programme represented the latest action in a series of measures the group had taken to “increasingly reward shareholders”.
In 2012 the company reported a 34% increase in dividends declared per share, versus 2011.
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