MOSCOW (MRC) -- Celanese Corporation, a global technology and specialty materials company, has announced that its board of directors has approved a 20% increase in the company's quarterly common stock cash dividend, as per the company's press release.
The dividend rate increased from USD0.30 to USD0.36 per share of common stock on a quarterly basis and from USD1.20 to USD1.44 per share of common stock on an annual basis. The new dividend rate will be applicable immediately.
"This 20% increase reflects our strong cash generation, commitment to growing our dividend and confidence in our underlying businesses," said Mark Rohr, chairman and chief executive officer.
The company also declared a quarterly cash dividend of USD0.36 per share on its Series A common stock, payable on May 12, 2016.
The dividend is payable to stockholders of record as of May 2, 2016.
As MRC wrote previously, Celanese Corporation will increase list and off-list selling prices for Ateva EVA and LDPE polymers. The price increase will be effective May 1st, 2016 or as contracts allow. Prices of Ateva EVA will rise by USD50/tonne for Asia, whereas LDPE prices will increase by USD0.04/lg (USD 0.09/kg or USD90/tonne) for North and South America and by USD50/tonne for Asia.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Celanese employs approximately 7,000 employees worldwide and had 2015 net sales of USD5.7 billion.
MRC