Tredegar Board Declares Special Dividend of $5.97 Per Share
December 01 2020 - 4:03PM
Business Wire
Tredegar Corporation (NYSE:TG) announced today that its board of
directors has declared a special dividend of $200 million or $5.97
per share on the company’s common stock (the “Special Dividend”).
The Special Dividend is payable on December 18, 2020 to
shareholders of record at the close of business on December 11,
2020.
John Steitz, Tredegar’s president and chief executive officer
said, “The Special Dividend is a direct result of our strong cash
generation that resulted in cash in excess of debt of $28 million
at September 30, 2020, which increased further at the end of
October with the closing on the sale of our Personal Care business
for estimated net proceeds (after transaction costs, purchase price
adjustments and transition services) of $45 to $50 million. In
addition, the distribution of excess cash is being supplemented by
borrowings under our revolving credit facility, which has a
maturity date in June 2024, thereby allowing us to prudently use
financial leverage in a low interest rate environment while also
preserving available capital to meet the needs of our business
units.”
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201201006166/en/
Neill Bellamy Phone: 804/330-1211 E-mail:
neill.bellamy@tredegar.com
Tredegar (NYSE:TG)
Historical Stock Chart
From May 2024 to Jun 2024
Tredegar (NYSE:TG)
Historical Stock Chart
From Jun 2023 to Jun 2024