05 August 2011 15:59 [Source: ICIS news]
HOUSTON (ICIS)--Eastman Chemical has declared a two-for-one split of its common stock and will raise its dividend, the US-based chemicals firm said on Friday.
Eastman will increase the quarterly cash dividend on its stock by 11% to 52 cents/share on a pre-split basis, it said.
“The actions announced today reflect the solid performance of our businesses and the financial strength of our company,” said CEO Jim Rogers.
“Both the stock split and the cash dividend increase, the second in less than a year, demonstrate the board’s confidence in our ability to deliver continued strong cash flows and earnings growth,” it said.
Eastman’s stock split will be in the form of a 100% stock dividend to be distributed on 3 October. Stockholders will be issued one additional share of common stock for each share held.
Eastman’s common stock will begin trading on a split-adjusted basis on 4 October.
Eastman's share price was up 1.42% at $87.01 at 10:18 hours New York time on the New York Stock Exchange, recovering slightly from Thursday's stock market plunge.
($1 = €0.71)
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