Westlake Announces 40% Increase in Quarterly Dividend
14 Agosto 2023 - 7:30AM
Business Wire
The Board of Directors of Westlake Corporation (NYSE: WLK) today
declared a regular dividend distribution of 50.00 cents per share
for the second quarter of 2023, an increase of approximately 40%
from the 35.70 cents per share of the first quarter of 2023. This
dividend will be payable on September 12, 2023, to stockholders of
record on August 25, 2023.
“The significant increase in our dividend reflects the strong
cash generative business model as we have continued our growth at
Westlake,” said Albert Chao, president and chief executive officer
of Westlake. “Our Investments in differentiated and specialty
products in our Performance and Essential Material (PEM) segment
and leading market positions in downstream building products in our
Housing and Infrastructure Products (HIP) segment has enhanced the
stability of our earnings profile, while our globally advantaged
low-cost position provides strong cash generation throughout the
business cycle. Alongside our conservatively positioned, strong
investment grade balance sheet this supports a meaningfully higher
dividend level while continuing to provide us significant capacity
to invest in our business to drive long-term shareholder
return.”
This is the 76th successive quarterly dividend that Westlake has
declared since completing its initial public offering in August
2004.
The statements in this release that are not historical facts,
including statements regarding future repurchases of common stock,
are forward-looking statements. These forward-looking statements
are subject to significant risks and uncertainties. Actual results
could differ materially, based on factors including, but not
limited to, the ultimate timing, outcome and results of integrating
the operations of recent acquisitions; general economic and
business conditions; the cyclical nature of the chemical and
building products industries; availability, cost and volatility of
raw materials and utilities; uncertainties associated with the
United States, European and worldwide economies, including those
due to political tensions and unrest; uncertainties associated with
pandemic infectious diseases; and other risk factors. For more
detailed information about the factors that could cause actual
results to differ materially, please refer to Westlake’s Annual
Report on Form 10-K for the year ended December 31, 2022, which was
filed with the SEC in February 2023, and Westlake’s Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2023 and June
30, 2023, which were filed with the SEC in May and August 2023,
respectively.
About Westlake
Westlake is a global manufacturer and supplier of materials and
innovative products that enhance life every day. Headquartered in
Houston, with operations in Asia, Europe and North America, we
provide the building blocks for vital solutions — from housing and
construction, to packaging and healthcare, to automotive and
consumer. For more information, visit the Company's web site at
www.westlake.com.
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Media Inquiries: Westlake Corp. Ben
Ederington, 713-960-9111 or Investor
Inquiries: Westlake Corp. Steve Bender, 713-960-9111
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