MOSCOW (MRC) -- The Board of Directors of Eastman Chemical Co, a global specialty chemical company, has increased the quarterly cash dividend by 17% to USD0.35 per share on the company’s common stock, according to the company's statement.
The dividend is payable January 2, 2014, to stockholders of record as of December 16, 2013.
"With this increase, the dividend has been raised for three consecutive years, which demonstrates the Board’s confidence in our ability to generate continued earnings growth and strong cash flows," said Curt Espeland, senior vice president and chief financial officer. "We remain committed to maintaining a strong financial position as we execute our strategy to deliver consistent, superior value."
As MRC informed earlier, Eastman Chemical is expanding capacity of its Eastman 168 non-phthalate plasticizers at its manufacturing facility in Texas City, Texas, USA. The expansion at the site will increase the overall capacity of Eastman 168 by approximately 15% and is expected to be operational by mid-2014.
In October 2013, Eastman Chemical announced the expansion of its non-phthalate plasticizer portfolio with the addition of Eastman Effusion plasticizer. In flooring, Eastman Effusion is the ideal plasticizer for use in resilient sheet, luxury vinyl tile, vinyl composite tile, and PVC-backed carpet.
Eastman (headquartered in Kingsport, Tennessee, USA) is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables.
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