The Board of Directors of NewMarket Corporation (NYSE:NEU) declared a
quarterly dividend in the amount of $1.10 per share on the common stock
of the Corporation. The dividend is payable July 1, 2014 to NewMarket
shareholders of record at the close of business on June 16, 2014.
The Board of Directors approved a new share repurchase program and
authorized management to repurchase up to $400 million of NewMarket’s
outstanding common stock until December 31, 2016, as market conditions
warrant and covenants under our existing debt agreements permit.
NewMarket may conduct the share repurchases in the open market and in
privately negotiated transactions. The repurchase program does not
require NewMarket to acquire any specific number of shares and may be
terminated or suspended at any time. The previous authorization, which
was valid until December 31, 2014, has been cancelled. It had
approximately $50 million of unused repurchase capacity.
NewMarket Corporation through its subsidiaries, Afton Chemical
Corporation and Ethyl Corporation, develops, manufactures, blends, and
delivers chemical additives that enhance the performance of petroleum
products. From custom-formulated chemical blends to market-general
additive components, the NewMarket family of companies provides the
world with the technology to make fuels burn cleaner, engines run
smoother and machines last longer.
Some of the information contained in this press release constitutes
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although NewMarket’s management believes
its expectations are based on reasonable assumptions within the bounds
of its knowledge of its business and operations, there can be no
assurance that actual results will not differ materially from
expectations.
Factors that could cause actual results to differ materially from
expectations include, but are not limited to: availability of raw
materials and transportation systems; supply disruptions at single
sourced facilities; ability to respond effectively to technological
changes in our industry; failure to protect our intellectual property
rights; hazards common to chemical businesses; occurrence or threat of
extraordinary events, including natural disasters and terrorist attacks;
competition from other manufacturers; sudden or sharp raw materials
price increases; gain or loss of significant customers; risks related to
operating outside of the United States; the impact of fluctuations in
foreign exchange rates; political, economic, and regulatory factors
concerning our products; future governmental regulation; resolution of
environmental liabilities or legal proceedings; inability to complete
future acquisitions or successfully integrate future acquisitions into
our business and other factors detailed from time to time in the reports
that NewMarket files with the Securities and Exchange Commission,
including the risk factors in Item 1A, “Risk Factors” of our 2013 annual
report on Form 10-K, which is available to shareholders upon request.
You should keep in mind that any forward-looking statement made by
NewMarket in the foregoing discussion speaks only as of the date on
which such forward-looking statement is made. New risks and
uncertainties come up from time to time, and it is impossible for us to
predict these events or how they may affect the company. We have no duty
to, and do not intend to, update or revise the forward-looking
statements in this discussion after the date hereof, except as may be
required by law. In light of these risks and uncertainties, you should
keep in mind that the events described in any forward-looking statement
made in this discussion, or elsewhere, might not occur.
Copyright Business Wire 2014