Trinseo Announces $200 Million Share Repurchase Program and Quarterly Dividend of $0.32 Per Share
BERWYN, Pa.--(BUSINESS WIRE)--$TSE--Trinseo (NYSE: TSE), a global materials solutions provider and manufacturer of plastics and latex binders, today announced that its Board of Directors authorized the repurchase of up to $200 million of its ordinary shares, subject to certain parameters defined by the Board of Directors. This authorization expires in 18 months. All repurchases will be carried out by way of redemption in accordance with Irish law and the Company’s constitutional documents.
In addition, Trinseo’s Board of Directors authorized a quarterly dividend of $0.32 per share. The dividend will be a cash distribution payable on January 20, 2022 to shareholders of record as of the close of business on January 6, 2022.
Frank Bozich, President and Chief Executive Officer of Trinseo, commented, “Given our expected record 2021 profitability and strong cash generation, we expect our net leverage ratio will be in the low-two-times range at the end of the year. Given this, our expected continued cash generation, and our ongoing portfolio transformation, we thought it was an appropriate time to re-initiate a share repurchase program. This should enable us to opportunistically repurchase shares in an accretive fashion to drive value for shareholders.”
Trinseo (NYSE: TSE) is a global materials solutions provider and manufacturer of plastics and latex binders with a focus on delivering innovative, sustainable, and value-creating products that are intrinsic to our daily lives. Trinseo is dedicated to making a positive impact on society by partnering with like-minded stakeholders, and supporting the sustainability goals of our customers in a wide range of end-markets including automotive, consumer electronics, appliances, medical devices, packaging, footwear, carpet, paper and board and building and construction. Trinseo had approximately $3.0 billion in net sales in 2020 and has 26 manufacturing sites around the world and approximately 3,400 employees. For more information, please visit: www.trinseo.com.
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