PITTSBURGH, Feb. 14,
2024 /PRNewswire/ -- Koppers Holdings Inc.
(NYSE: KOP), an integrated global provider of treated wood
products, wood treatment chemicals, and carbon compounds, today
announced that its Board of Directors has approved a 17 percent
increase in the planned quarterly dividend rate for 2024,
from $0.06 to $0.07 per share of Koppers common
stock. A quarterly dividend will be paid on March 25, 2024, to shareholders of record as of
the close of trading on March 8,
2024.
At this quarterly dividend rate, subject to the standard
quarterly review by the Board of Directors, the annual dividend
rate for 2024 increases to $0.28 per
share.
Chief Executive Officer Leroy
Ball said, "This latest increase to our dividend validates
our confidence that Koppers is on solid ground and able to continue
generating strong cash flows. With an ongoing focus on optimizing
our financial flexibility, we will continue to make disciplined
investments to drive growth while returning capital to
shareholders."
Koppers expects to pay regular quarterly dividends, with future
declarations subject to approval by its Board of Directors and the
Board's determination that the declaration of dividends remains in
the best interests of Koppers and its shareholders. The decision of
whether to pay future dividends and the amount of any such
dividends will be based on the Company's financial position,
results of operations, cash flows, capital requirements, the
requirements of applicable law and any other factors the Board of
Directors may deem relevant.
About Koppers
Koppers, with corporate headquarters in Pittsburgh, Pennsylvania, is an integrated
global provider of treated wood products, wood treatment chemicals,
and carbon compounds. Our products and services are used in a
variety of niche applications in a diverse range of end markets,
including the railroad, specialty chemical, utility, residential
lumber, agriculture, aluminum, steel, rubber, and construction
industries. We serve our customers through a comprehensive
global manufacturing and distribution network, with facilities
located in North America,
South America, Australasia, and
Europe. The stock of Koppers
Holdings Inc. is publicly traded on the New York Stock Exchange
under the symbol "KOP."
For more information, visit: www.koppers.com. Inquiries from the
media should be directed to Ms. Jessica Franklin Black at
BlackJF@koppers.com or 412-227-2025. Inquiries from the investment
community should be directed to Ms. Quynh McGuire at
McGuireQT@koppers.com or 412-227-2049.
Safe Harbor Statement
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and may include, but are not limited to,
statements about sales levels, acquisitions, restructuring,
declines in the value of Koppers assets and the effect of any
resulting impairment charges, profitability and anticipated
expenses and cash outflows. All forward-looking statements involve
risks and uncertainties.
All statements contained herein that are not clearly historical
in nature are forward-looking, and words such as "outlook,"
"guidance," "forecast," "believe," "anticipate," "expect,"
"estimate," "may," "will," "should," "continue," "plan,"
"potential," "intend," "likely," or other similar words or phrases
are generally intended to identify forward-looking statements. Any
forward-looking statement contained herein, in other press
releases, written statements or other documents filed with the
Securities and Exchange Commission, or in Koppers communications
and discussions with investors and analysts in the normal course of
business through meetings, phone calls and conference calls,
regarding future dividends, expectations with respect to sales,
earnings, cash flows, operating efficiencies, restructurings, the
benefits of acquisitions, divestitures, joint ventures or other
matters as well as financings and debt reduction, are subject to
known and unknown risks, uncertainties and contingencies.
Many of these risks, uncertainties and contingencies are beyond
our control, and may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. Factors that might affect such
forward-looking statements include, among other things, the impact
of changes in commodity prices, such as oil and copper, on product
margins; general economic and business conditions; potential
difficulties in protecting our intellectual property; the ratings
on our debt and our ability to repay or refinance our outstanding
indebtedness as it matures; our ability to operate within the
limitations of our debt covenants; unexpected business disruptions;
potential impairment of our goodwill and/or long-lived assets;
demand for Koppers goods and services; competitive conditions;
capital market conditions, including interest rates, borrowing
costs and foreign currency rate fluctuations; availability and
fluctuations in the prices of key raw materials; disruptions and
inefficiencies in the supply chain; economic, political and
environmental conditions in international markets; changes in laws;
the impact of environmental laws and regulations; parties' failure
to perform their indemnity obligations to us; unfavorable
resolution of claims against us, as well as those discussed more
fully elsewhere in this release and in documents filed with the
Securities and Exchange Commission by Koppers, particularly our
latest annual report on Form 10-K and any subsequent filings by
Koppers with the Securities and Exchange Commission. Any
forward-looking statements in this release speak only as of the
date of this release, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
that date or to reflect the occurrence of unanticipated events.
For
Information:
|
Quynh McGuire, Vice
President, Investor Relations
|
|
412 227 2049
|
|
McGuireQT@koppers.com
|
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SOURCE KOPPERS HOLDINGS INC.