PHILADELPHIA, Feb. 18, 2011 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today that its Board of Directors authorized the repurchase of up to an additional $250 million of the company's common shares. The company's Board also declared a regular quarterly dividend of 15 cents per share, payable on April 21, 2011, to shareholders of record at the close of business on March 31, 2011. This represents an increase of 2.5 cents per share, or 20 percent, over the dividend declared on December 17, 2010.
"Today's announcement reflects our confidence in FMC's ability to generate earnings growth and cash flow consistent with our plan for the next five years, Vision 2015," said Pierre Brondeau, FMC's president, chief executive officer and chairman. "We believe that the cash flow from our businesses and the company's strong balance sheet will enable us to grow our existing businesses, pursue external growth opportunities, and reward shareholders with additional liquidity and a growing dividend stream."
The new $250 million share repurchase program supplements the existing program, announced on April 24, 2007, under which approximately $55 million of authority remains. In the quarter ended December 31, 2010, the company repurchased approximately $135 million of its common shares. Although the share repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time, the company expects that the program will be accomplished over the next two years.
FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. The company employs over 4,800 people throughout the world. The company operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2009 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation