Specialty materials-maker LyondellBasel Industries (NYSE:LYB) announced yesterday that it was raising its quarterly dividend payment by 25%, to $0.50 per share, as well as authorizing the repurchase of up to 10% of the company's outstanding shares.
The board of directors said the first fiscal quarter dividend is payable on June 24 to the holders of record at the close of business on June 3. This will be the fourth increase in the last two years in addition to two special dividends it has paid in that time period.
The share repurchase program will be executed through open market or privately negotiated transactions over the next 12 months.
The new, regular dividend payment equates to a $2.00-per-share annual dividend, yielding 3.1% based on the closing price of LyondellBasel Industries' stock on May 22.
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