MTX - Minerals Technologies Announces Increase in Quarterly Dividend and Initiation of New Share Repurchase Program | Benzinga
NEW YORK, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE:MTX) ("MTI" or "the Company") today announced an increase of its regular quarterly dividend to $0.10 per share on the Company's common stock. This is an increase of $0.05 per share compared to the prior quarterly dividend. The dividend is payable on December 7, 2023, to stockholders of record at the close of business on November 1, 2023.
In addition, the Board of Directors for MTI has authorized a new, one-year $75 million share repurchase program, effective immediately.
"This dividend increase and new share repurchase program is a reflection of the Board of Directors' continued confidence in growth and financial performance of Minerals Technologies," said Douglas T. Dietrich, Chairman and Chief Executive Officer. "These actions are consistent with our stated balanced approach and history of returning cash to shareholders while maintaining our ability to fund our inorganic growth strategies."
Under the new share repurchase program, shares may be repurchased from time to time in the open market, through Rule 10b5-1 trading plans, or in privately negotiated transactions at the Company's discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without prior notice.
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