HOUSTON, Nov. 19, 2012 /PRNewswire/ -- The board of directors of Westlake Chemical Corporation (NYSE: WLK) declared on Friday a regular quarterly dividend of 18.75 cents per share. The board also declared a special dividend of $3.75 per share. Both dividends will be payable on December 12, 2012, to stockholders of record on November 26, 2012.
The regular quarterly dividend and the special dividend will entail the payment of approximately $12.5 million and $250 million, respectively. The funds will be provided from cash on hand.
This is the 33rd successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
Albert Chao, Westlake's President and Chief Executive Officer, said, "We continually work toward delivering shareholder value and we are pleased that the strength of our business and our financial performance provides the opportunity to pay this special dividend. Beginning in the first quarter of 2013 and continuing through 2015, we will complete our previously announced integration projects that will contribute to our earnings and continue our commitment of profitable growth for our shareholders."
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe, windows and fence. For more information, visit the company's Web site at www.westlake.com.
The statements in this release relating to the completion of Westlake's projects and to its future operations and financial condition and results, as well as any other matters that are not historical facts, are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially. For more detailed information about factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2011, which was filed in February 2012.
SOURCE Westlake Chemical Corporation