The Board of Directors of Quaker Houghton (NYSE: KWR) today declared a quarterly cash dividend of $0.455 per share, payable on April 30, 2024, to shareholders of record at the close of business on April 16, 2024. In addition, the Board of Directors has approved a new share repurchase program authorizing the Company to repurchase up to an aggregate of $150 million of its common stock. The Company has terminated its prior 2015 share repurchase program.
Andy Tometich, Chief Executive Officer and President, commented, “We are excited by the long-term growth opportunities for Quaker Houghton and are committed to enhancing value for our shareholders. Our balanced capital allocation strategy remains, and we will maintain a disciplined approach to capital deployment with a priority towards our dividend and growth investments.”
The Company is authorized to repurchase shares of common stock from time to time through various methods, including in open market transactions, block trades, accelerated share repurchases, privately negotiated transactions, derivative transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in compliance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including our assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, the nature of other investment opportunities available to the Company, and other considerations. The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand and expected free cash flow to be generated in the future.
About Quaker Houghton
Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world’s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With approximately 4,600 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.
