CONSHOHOCKEN, Pa., Feb. 28,
2024 /PRNewswire/ -- 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.
Forward-Looking Statements
This press release contains "forward-looking statements" that
fall under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and the Securities Act of 1933, as
amended. These statements can be identified by the fact that they
do not relate strictly to historical or current facts. We have
based these forward-looking statements on assumptions, projections
and expectations about future events that we believe are reasonable
based on currently available information,, including statements
regarding the potential effects of the conflicts in Ukraine and the Middle East; inflation and global supply chain
constraints on the Company's business, results of operations, and
financial condition; our expectation that we will maintain
sufficient liquidity and remain in compliance with the terms of the
Company's credit facility; expectations about future demand and raw
material costs; and statements regarding the impact of increased
raw material costs and pricing initiatives. These forward-looking
statements include statements with respect to our beliefs, plans,
objectives, goals, expectations, anticipations, intentions,
financial condition, results of operations, future performance, and
business, which may differ materially from our actual results,
including but not limited to the potential benefits of acquisitions
and divestitures, the impacts on our business as a result of global
supply chain constraints, and our current and future results and
plans and statements that include the words "may," "could,"
"should," "would," "believe," "expect," "anticipate," "estimate,"
"intend," "outlook, "target", "possible", "potential", "plan" or
similar expressions. A major risk is that demand for the Company's
products and services is largely derived from the demand for its
customers' products, which subjects the Company to uncertainties
related to downturns in a customer's business and unanticipated
customer production slowdowns and shutdowns, including as is
currently being experienced by many automotive industry companies
as a result of supply chain disruptions. Other major risks and
uncertainties include, but are not limited to inflationary
pressures, including the potential for continued significant
increases in raw material costs; supply chain disruptions; customer
financial instability; rising interest rates and the possibility of
economic recession; economic and political disruptions, including
the impacts of the military conflicts between Russia and Ukraine and between Israel and Hamas; tariffs, trade restrictions,
and the economic and other sanctions imposed by other nations on
Russia and/or other government
organizations; suspensions of activities in Russia by many multinational companies and the
potential expansion of military activity; foreign currency
fluctuations; significant changes in applicable tax rates and
regulations; future terrorist attacks and other acts of violence;
the impacts of consolidation in our industry, including loss or
consolidation of a major customer; and the potential occurrence of
cyber-security breaches, cyber-security attacks and other security
incidents. Furthermore, the Company is subject to the same business
cycles as those experienced by our customers in the steel,
automobile, aircraft, industrial equipment, aluminum and durable
goods industries. Our forward-looking statements are subject to
risks, uncertainties and assumptions about the Company and its
operations that are subject to change based on various important
factors, some of which are beyond our control. These risks,
uncertainties, and possible inaccurate assumptions relevant to our
business could cause our actual results to differ materially from
expected and historical results. All forward-looking statements
included in this press release, including expectations about
business conditions during 2023 and future periods, are based upon
information available to the Company as of the date of this press
release, which may change. Therefore, we caution you not to place
undue reliance on our forward-looking statements. For more
information regarding these risks and uncertainties as well as
certain additional risks that we face, refer to the Risk Factors
section, which appears in Item 1A of our Annual Report on Form 10-K
for the year ended December 31, 2022, and in subsequent
reports filed from time to time with the Securities and Exchange
Commission. We do not intend to, and we disclaim any duty or
obligation to, update or revise any forward-looking statements to
reflect new information or future events or for any other
reason. This discussion is provided as permitted by the
Private Securities Litigation Reform Act of 1995.
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.
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SOURCE Quaker Houghton