Wellman Inc announces Qtly dividend of $.02 per share
19 Aug '06
2 min read
The Board of Directors of Wellman Inc declared a quarterly dividend of $0.02 per share on the outstanding shares of the Company's common stock payable on September 15, 2006 to stockholders of record as of the close of business on September 1, 2006.
This reduced dividend rate is appropriate considering Wellman's operating performance in the past year, its current competitive environment, debt levels, renewed focus on debt reduction after the completion of its PET resin expansion, and the dividend levels of other companies.
Keith R. Phillips, Chief Financial Officer, stated, "After careful consideration, we believe this dividend rate will enhance the value of the business and achieves an appropriate balance between debt reduction and current return to our stockholders."
The Company also announced that it is exploring steps to improve its overall operating performance including strategic alternatives for its non-core businesses.
Thomas M. Duff, Chairman and Chief Executive Officer, stated, "We are reviewing the performance of all of our operations and are exploring strategic options for our non-core businesses. We expect that these steps will result in improved operating performance, cash flow and return to our stockholders."
Wellman Inc manufactures and markets high-quality polyester products, including PermaClear brand PET (polyethyleneterephthalate) packaging resins and Fortrel brand polyester fibers.
We believe we are one of the world's largest PET plastic recyclers, utilizing a significant amount of recycled raw materials in our manufacturing operations.
marketing@alchempro.com
