Minerals Technologies Announces Increase in Quarterly Dividend and Initiation of New Share Repurchase Program
18 Outubro 2023 - 6:05PM
Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”)
today announced an increase of its regular quarterly dividend to
$0.10 per share on the Company’s common stock. This is an increase
of $0.05 per share compared to the prior quarterly dividend. The
dividend is payable on December 7, 2023, to stockholders of record
at the close of business on November 1, 2023.
In addition, the Board of Directors for MTI has authorized a
new, one-year $75 million share repurchase program, effective
immediately.
"This dividend increase and new share repurchase program is a
reflection of the Board of Directors' continued confidence in
growth and financial performance of Minerals Technologies," said
Douglas T. Dietrich, Chairman and Chief Executive Officer. "These
actions are consistent with our stated balanced approach and
history of returning cash to shareholders while maintaining our
ability to fund our inorganic growth strategies."
Under the new share repurchase program, shares may be
repurchased from time to time in the open market, through Rule
10b5-1 trading plans, or in privately negotiated transactions at
the Company’s discretion, subject to market conditions and other
factors, and in accordance with applicable regulatory requirements.
The program does not require the purchase of any minimum number of
shares and may be suspended or discontinued at any time without
prior notice.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward‐looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements provide current expectations
and forecasts of future events such as new products, revenues and
financial performance, and are not limited to describing historical
or current facts. They can be identified by the use of words such
as “believes,” “expects,” “plans,” “intends,” “anticipates,” and
other words and phrases of similar meaning. Forward-looking
statements are necessarily based on assumptions, estimates and
limited information available at the time they are made. A broad
variety of risks and uncertainties, both known and unknown, as well
as the inaccuracy of assumptions and estimates, can affect the
realization of the expectations or forecasts in these statements.
Actual future results may vary materially. Significant factors that
could affect the expectations and forecasts include worldwide
general economic, business, and industry conditions; the
cyclicality of our customers’ businesses and their changing
regional demands; our ability to compete in very competitive
industries; consolidation in customer industries, principally
paper, foundry and steel; our ability to renew or extend long term
sales contracts for our satellite operations; our ability to
generate cash to service our debt; our ability to comply with the
covenants in the agreements governing our debt; our ability to
effectively achieve and implement our growth initiatives or
consummate the transactions described in the statements; our
ability to successfully develop new products; our ability to defend
our intellectual property; the increased risks of doing business
abroad; the availability of raw materials and access to ore
reserves at our mining operations, or increases in costs of raw
materials, energy, or shipping; compliance with or changes to
regulation in the areas of environmental, health and safety, and
tax; risks and uncertainties related to the voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code filed by our
subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas
LLC; claims for legal, environmental and tax matters or product
stewardship issues; the continuing effects of the COVID-19 pandemic
and the resulting preventative measures; operating risks and
capacity limitations affecting our production facilities;
seasonality of some of our businesses; cybersecurity and other
threats relating to our information technology systems; and other
risk factors and cautionary statements in our 2022 Annual Report on
Form 10‐K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K and other reports filed with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update
any forward‐looking statement, whether as a result of new
information, future events, or otherwise.
About Minerals Technologies
Inc.New York-based Minerals Technologies Inc. (MTI) is a
leading, technology-driven specialty minerals company that
develops, produces, and markets a broad range of mineral and
mineral-based products, related systems, and services. MTI serves
globally a wide range of consumer and industrial markets, including
household, food and pharmaceutical, paper, packaging, automotive,
construction, and environmental. The company reported global sales
of $2.1 billion in 2022. For further information, please visit our
website at www.mineralstech.com.
Investor Contact:Lydia Kopylova,
(212) 878-1831 |
Media Contact:Jennifer Albert,
(212) 878-1840 |
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