CLEVELAND, Oct. 12, 2017 /PRNewswire/ -- The Board of
Directors of PolyOne Corporation (NYSE: POL) has declared a
quarterly cash dividend of seventeen and a half cents ($0.175) per share on the common stock
outstanding, representing a 30% increase to the quarterly cash
dividend. The $0.175 per share will
be paid on January 10, 2018 to
stockholders of record on December
15, 2017. On an annualized basis, the dividend will
increase from $0.54 to $0.70 per share on the common stock
outstanding.
"In the last six months we have taken important steps to
strengthen our portfolio as we divested DSS and reinvested the
proceeds to fund the acquisitions of Rutland and Mesa," said Robert M. Patterson, chairman, president and
chief executive officer, PolyOne Corporation. "With the sale
of DSS, we can now entirely focus on accelerating growth in our
four core segments. Our cash flow generation, financial profile and
earnings potential have never been stronger, and we are very well
positioned to deliver double digit EPS growth in 2018 and
beyond."
"We initiated our dividend in 2011, and we have increased it
annually ever since," Mr. Patterson added. "With the
structural improvements in our portfolio and increased confidence
in our future earnings growth, we are pleased to announce this
latest increase, which is our largest ever. It is the first
in a plan that we anticipate will increase our dividend 60% or more
cumulatively over the next three years."
"We view the increased payouts as a balanced element of
delivering value to our shareholders, as our payout ratio remains
modest at approximately 30%. As we look ahead, the
preponderance of our cash flow will continue to go toward funding
organic growth initiatives and acquisitions that accelerate our
specialty growth. We will also be opportunistic with respect
to buying back shares," Mr. Patterson further stated. "We are
very excited about our growth opportunities and remain fully
committed to investing in our businesses through innovation,
commercial and technical resources and M&A, as we execute our
four-pillar strategy to serve our customers."
About PolyOne
PolyOne Corporation is a premier provider of specialized polymer
materials, services and solutions. The company is dedicated to
serving customers in diverse industries around the globe, by
creating value through collaboration, innovation and an unwavering
commitment to excellence. Guided by its Core Values,
Sustainability Promise and No Surprises Pledge(SM), PolyOne is
committed to its customers, employees, communities and shareholders
through ethical, sustainable and fiscally responsible principles.
For more information, visit www.polyone.com.
Forward-looking Statements
In this press release, statements that are not reported
financial results or other historical information are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements give current expectations or forecasts of future events
and are not guarantees of future performance. They are based on
management's expectations that involve a number of business risks
and uncertainties, any of which could cause actual results to
differ materially from those expressed in or implied by the
forward-looking statements. They use words such as "will,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
condition, performance and/or sales. Factors that could cause
actual results to differ materially from those implied by these
forward-looking statements include, but are not limited to: our
ability to realize anticipated savings and operational benefits
from the realignment of assets, including the closure of
manufacturing facilities; the timing of closings and shifts of
production to new facilities related to asset realignments and any
unforeseen loss of customers and/or disruptions of service or
quality caused by such closings and/or production shifts;
separation and severance amounts that differ from original
estimates; amounts for non-cash charges related to asset write-offs
and accelerated depreciation realignments of property, plant and
equipment that differ from original estimates; our ability to
identify and evaluate acquisition targets and consummate
acquisitions; the ability to successfully integrate acquired
businesses into our operations, such as Rutland, Mesa, Comptek, SilCoTec, Gordon
Composites and Polystrand, including whether such businesses will
be accretive, retain the management teams of acquired businesses,
and retain relationships with customers of acquired businesses;
disruptions, uncertainty or volatility in the credit markets that
could adversely impact the availability of credit already arranged
and the availability and cost of credit in the future; the
financial condition of our customers, including the ability of
customers (especially those that may be highly leveraged and those
with inadequate liquidity) to maintain their credit availability;
the speed and extent of an economic recovery, including the
recovery of the housing market; our ability to achieve new business
gains; the effect on foreign operations of currency fluctuations,
tariffs and other political, economic and regulatory risks; changes
in polymer consumption growth rates and laws and regulations
regarding the disposal of plastic in jurisdictions where we conduct
business; changes in global industry capacity or in the rate at
which anticipated changes in industry capacity come online;
fluctuations in raw material prices, quality and supply and in
energy prices and supply; production outages or material costs
associated with scheduled or unscheduled maintenance programs;
unanticipated developments that could occur with respect to
contingencies such as litigation and environmental matters; an
inability to achieve or delays in achieving or achievement of less
than the anticipated financial benefit from initiatives related to
working capital reductions, cost reductions and employee
productivity goals; an inability to raise or sustain prices for
products or services; an inability to maintain appropriate
relations with unions and employees; our ability to continue to pay
cash dividends including at the increasing rate, which will be
subject to, among other factors, market conditions, our cash flow
and cash requirements and restrictions contained in any of our debt
agreements; the amount and timing of repurchases of our common
shares, if any; and other factors affecting our business beyond our
control, including, without limitation, changes in the general
economy, changes in interest rates and changes in the rate of
inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised to consult any further disclosures we
make on related subjects in our reports on Form 10-Q, 8-K and 10-K
that we provide to the Securities and Exchange Commission.
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SOURCE PolyOne Corporation