Westlake Announces 40% Increase in Quarterly Dividend
- Westlake Corporation increases dividend distribution by 40% for Q2 2023, signaling strong cash generation and growth. The dividend of 50.00 cents per share will be payable on September 12, 2023.
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“The significant increase in our dividend reflects the strong cash generative business model as we have continued our growth at Westlake,” said Albert Chao, president and chief executive officer of Westlake. “Our Investments in differentiated and specialty products in our Performance and Essential Material (PEM) segment and leading market positions in downstream building products in our Housing and Infrastructure Products (HIP) segment has enhanced the stability of our earnings profile, while our globally advantaged low-cost position provides strong cash generation throughout the business cycle. Alongside our conservatively positioned, strong investment grade balance sheet this supports a meaningfully higher dividend level while continuing to provide us significant capacity to invest in our business to drive long-term shareholder return.”
This is the 76th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
The statements in this release that are not historical facts, including statements regarding future repurchases of common stock, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the ultimate timing, outcome and results of integrating the operations of recent acquisitions; general economic and business conditions; the cyclical nature of the chemical and building products industries; availability, cost and volatility of raw materials and utilities; uncertainties associated with
About Westlake
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in
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Ben Ederington, 713-960-9111
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Westlake Corp.
Steve Bender, 713-960-9111
Source: Westlake Corporation
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