The Dow Chemical Company (NYSE: DOW) announced today that its board of directors has approved a share buy-back program, authorizing the repurchase of up to $1.5 billion of the Company's common stock. Purchases under this program may be made over time in open market or privately negotiated transactions.
"This repurchase program underscores the board's confidence in Dow’s earnings, cash flow and growth potential as we continue executing against our strategic agenda, and illustrates our ongoing commitment to increasingly reward shareholders,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. “Going forward, our three priorities for uses of cash will remain consistent: further deleveraging, returning value to our shareholders and investing for attractive, high-margin organic growth in our downstream businesses."
This represents the latest action in a series of measures Dow has taken to increasingly reward shareholders. In 2012 the Company reported a 34 percent increase in dividends declared per share versus 2011.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2012, Dow had annual sales of $57 billion and employed approximately 54,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 sites in 36 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
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