Printer Friendly

WITCO DECLARES 2-FOR-1 STOCK SPLIT; INCREASES CASH DIVIDEND 8.7 PERCENT

 NEW YORK, Sept. 2 /PRNewswire/ -- The board of directors of Witco Corporation (NYSE: WIT) voted today to split the company's common stock 2-for-1 in the form of a stock distribution and increase the annual dividend 8.7 percent to $2.00 from $1.84, based on the shares outstanding before the split. The new quarterly cash dividend of 50 cents per common share on a pre-split basis is payable, along with the distribution of additional shares, on Oct. 5, 1993 to shareholders of record Sept. 16, 1993.
 Witco Chairman and Chief Executive Officer William R. Toller said, "We're at a dynamic point in Witco's history, as we integrate our largest acquisition and the reorganization of our business lines, and move forward with relocation to a new world headquarters in Greenwich, Conn. What our board did today, however, shows the continuity of our values. Even as we sharpen our focus in operations, we measure all such initiatives by one long-term principle: enhancing shareholder value. Today's dividend increase and stock split reaffirm our commitment to that principle."
 This is the 21st consecutive year that Witco has increased the annual dividend payment to its shareholders, the 30th increase in Witco's dividend rate and the 142nd consecutive quarterly dividend paid since 1958, when the company's common shares became publicly held. As of Aug. 31, 1993, the company had 25,219,870 common shares outstanding, resulting in 50,439,740 common shares after the distribution is effected.
 A regular quarterly dividend of 66.25 cents per share on the company's cumulative convertible preferred stock was announced also payable Oct. 5, 1993 to shareholders of record Sept. 16, 1993.
 Witco manufactures specialty chemical and petroleum products and engineered materials with 1993 annual sales expected to exceed $2.3 billion. It operates 65 manufacturing facilities in 12 countries and has marketing and sales offices which span the globe.
 -0- 9/2/93
 /CONTACT: C.R. Soderlind, senior vice president, 212-605-3813, or S.L. Levy, manager of public relations, 212-605-3815, both of Witco/
 (WIT)


CO: Witco Corporation ST: New York, Connecticut IN: CHM SU: DIV

WB -- NY078 -- 8566 09/02/93 16:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 2, 1993
Words:356
Previous Article:TAYLOR DEVICES, INC. REPORTS ANNUAL SALES AND EARNINGS FOR FISCAL 1993
Next Article:BRINKER INTERNATIONAL ANNOUNCES NEW BOARD MEMBERS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters