Trinseo Announces Quarterly Dividend of $0.14 Per Share

Rhea-AI Summary

Trinseo, a specialty material solutions provider, has announced a quarterly dividend of $0.14 per share, representing a 56% reduction from the previous dividend of $0.32. CEO Frank Bozich stated this decision aims to preserve liquidity amidst challenging macroeconomic conditions and support growth and sustainability investments. The dividend will be payable on April 20, 2023, to shareholders of record by April 6, 2023. Trinseo reported net sales of approximately $5.0 billion in 2022.

Positive

• Restructured dividend will help maintain liquidity for growth and sustainability projects.
• Continued commitment to creating long-term value for shareholders.

Negative

• Significant 56% dividend reduction could signal financial strain.
• Potential concerns regarding the company's ability to maintain its previous dividend levels.

WAYNE, Pa.--(BUSINESS WIRE)-- Trinseo (NYSE: TSE), a specialty material solutions provider, today announced that its Board of Directors authorized a quarterly dividend of $0.14 per share, which represents a 56% reduction from the current quarterly dividend of $0.32 per share.

“We remain committed to creating long-term value for our shareholders while maintaining a strong financial position. We believe taking the prudent decision to reduce the dividend will preserve liquidity and enable us to continue to invest in growth and sustainability projects through these challenging macroeconomic conditions,” said Frank Bozich, Trinseo’s President and Chief Executive Officer.

The dividend will be a cash distribution payable on April 20, 2023, to shareholders of record as of the close of business on April 6, 2023.

About Trinseo

Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.

Trinseo’s approximately 3,400 employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $5.0 billion in 2022. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.

Cautionary Note on Forward-Looking Statements

This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like "expect," "anticipate," “believe,” "intend," "forecast," "outlook," "will," "may," "might," "see," "tend," "assume," "potential," "likely," "target," "plan," "contemplate," "seek," "attempt," "should," "could," "would" or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; our ability to successfully generate cost savings and increase profitability through asset restructuring initiatives; compliance with laws and regulations impacting our business; conditions in the global economy and capital markets; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005838/en/

Trinseo

Andy Myers

Tel: +1 610-240-3221

Email: aemyers@trinseo.com

Source: Trinseo

FAQ

What is the new dividend amount for Trinseo (TSE)?

Trinseo has announced a new dividend of $0.14 per share.

When will Trinseo's dividend be paid?

The dividend will be payable on April 20, 2023.

What was the previous dividend amount for Trinseo (TSE)?

The previous dividend amount was $0.32 per share.

What date is the record for Trinseo's dividend payment?

Shareholders of record as of April 6, 2023, will receive the dividend.

Why did Trinseo (TSE) reduce its dividend?

The dividend reduction aims to preserve liquidity and support investments in growth and sustainability.