FMC Corp Announces $250 mm Buyback

(Market Cap = $5.8 Billion) PHILADELPHIA, Feb. 18, 2011 /PRNewswire/ — FMC Corporation (NYSE:FMC – News) announced today that its Board of Directors authorized the repurchase of up to an additional $250 million of the company’s common shares. The company’s Board also declared a regular quarterly dividend of 15 cents per share, payable on April 21, 2011, to shareholders of record at the close of business on March 31, 2011. This represents an increase of 2.5 cents per share, or 20 percent, over the dividend declared on December 17, 2010. “Today’s announcement reflects our confidence in FMC’s ability to generate earnings growth and cash flow consistent with our plan for the next five years, Vision 2015,” said Pierre Brondeau, FMC’s president, chief executive officer and chairman. “We believe that the cash flow from our businesses and the company’s strong balance sheet will enable us to grow our existing businesses, pursue external growth opportunities, and reward shareholders with additional liquidity and a growing dividend stream.” The new $250 million share repurchase program supplements the existing program, announced on April 24, 2007, under which approximately $55 million of authority remains. In the quarter ended December 31, 2010, the company repurchased approximately $135 million of its common shares. Although the share repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time, the company expects that the program will be accomplished over the next two years. FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. The company employs over 4,800 people throughout the world. The company operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals.


'FMC Corp Announces $250 mm Buyback' has no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.