“Rewarding our owners over both the near- and long-term has been a top priority for both legacy companies, and it remains so for DowDuPont,” said Andrew Liveris, executive chairman of DowDuPont.
“We’re committed to returning cash to shareholders consistent with the heritage of both Dow and DuPont, and to preserving the financial flexibility to achieve the target capital structures to support the strong independent companies we intend to create,” said Ed Breen, CEO of DowDuPont.
DowDuPont’s dividend for the fourth quarter of 2017 will be payable on Dec. 15, 2017, to shareholders of record on Nov. 15, 2017.
The fourth quarter dividend of 38 cents per share is consistent with the targeted historic dividend payout ratios of each heritage company and is equivalent to the weighted average quarterly dividend of both heritage companies, based on the most recent pre-closing dividends.
With a dividend payable date in December 2017, heritage Dow shareholders will receive a total of five dividend payments in the calendar year, in aggregate representing a 21% increase in dividends paid in 2017 versus 2016.
This marks the first cash dividend issued by DowDuPont. Prior to merger close, Dow and DuPont had paid shareholders cash dividends every quarter since 1912 and 1904, respectively.
The Board authorized an initial $4 billion share repurchase program, which has no expiration date.
Under the share repurchase program, shares may be repurchased periodically in open market or private transactions.