Innospec Inc. Announces Expansion of Stock Repurchase Program and Dividend Increase
16 Fevereiro 2006 - 7:15PM
Business Wire
Innospec Inc. (NYSE: IOP) today announced that its Board of
Directors has authorized the acceleration of the Company's stock
repurchase program with the intention of spending up to $15 million
over the next twelve months. The timing of purchases and the exact
number of stock to be purchased will depend on market conditions.
The buyback program does not include specific price targets or
timetables and may be suspended at any time. The Company intends to
immediately enter into a Rule 10b5-1 plan to facilitate repurchases
of its stock under this program as well as maintaining its strategy
of making additional repurchases in the open market outside of the
Rule 10b5-1 plan. The plan will allow the Company to repurchase up
to 300,000 shares of common stock. The plan will run until April
26, 2006. Innospec also announced that its Board of Directors has
declared a final dividend for full year 2005 of $0.08 (eight
cents), an increase of 14% per share from the 2004 final dividend.
The dividend is payable on April 1, 2006 to the holders of record
of the common stock of the corporation on February 17, 2006. Paul
Jennings, President and Chief Executive Officer of Innospec Inc.
said, "Expanding our buyback program and increasing our dividend by
14% is an excellent use of Innospec's capital that reflects the
Company's strong cash generation, as well as our confidence in the
Company's growth strategy and commitment to enhancing shareholder
value." About Innospec Inc. Innospec Inc. is an international
specialty chemical company with almost 1,000 employees in 21
countries. Innospec divides its operations into three distinct
business areas: Fuel Specialties, Performance Chemicals, and Octane
Additives. Together, the three businesses manufacture and supply a
wide range of specialty chemicals to markets in the Americas,
Europe, the Middle East, Africa and Asia-Pacific. Innospec's Fuel
Specialties business specialises in manufacturing and supplying the
fuel additives that help improve fuel efficiency, boost engine
performance and reduce harmful emissions. Innospec's Performance
Chemicals business includes a range of companies that manufacture
performance chemicals used in the manufacture of such items as
personal care products, household detergents, crop protection
chemicals as well as in the plastics, paper and fungicides and in
the metal plating and oil industries. Innospec's Octane Additives
business is the world's only producer of tetra ethyl lead (TEL).
The management team has a clear strategy in place to ensure the
Company maximizes shareholder value from TEL supply while
monitoring and reducing production in line with global demand.
FORWARD-LOOKING STATEMENTS This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements which address operating
performance, events or developments that we expect or anticipate
will occur in the future. Although such statements are believed by
management to be reasonable when made, caution should be exercised
not to place undue reliance on forward-looking statements, which
are subject to certain risks, uncertainties and assumptions. If the
risks or uncertainties ever materialize or the assumptions prove
incorrect, actual results may differ materially from those
expressed or implied by such forward-looking statements and
assumptions. Risks, assumptions and uncertainties include, without
limitation, changes in the terms of trading with significant
customers or gain or loss thereof, the effects of changing
government regulations and economic and market conditions,
competition and changes in demand and business and legal risks
inherent in non-U.S. activities, including political and economic
uncertainty, import and export limitations and market risks related
to changes in interest rates and foreign exchange rates, government
investigations, material fines or other penalties resulting from
the Company's voluntary disclosure to the Office of Foreign Assets
Control of the U.S. Department of the Treasury and other risks,
uncertainties and assumptions identified in the Company's Annual
Report on Form 10-K for the year ended December 31, 2004 and those
identified in the Company's other reports filed with the Securities
and Exchange Commission. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Innospec (NYSE:IOP)
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