Neenah Announces 11% Dividend Increase and 2018 Share Repurchase Plan
Thursday, November 30th, 2017
Neenah Paper, Inc. announced that on November 28, 2017, its Board of Directors approved an 11 percent increase in the cash dividend on the Company's common stock. The quarterly dividend will increase from $0.37 per share to $0.41 ($1.64 per share on an annual basis) with the first payment at the new rate beginning in the first quarter of 2018. Neenah has consistently paid a dividend every quarter since the Company was first incorporated in 2004 and today's announcement marks the eighth consecutive double digit increase in the past six years.
In addition, the Company announced authorization of a 2018 share repurchase plan for up to $25 million of its outstanding common stock. The current share repurchase plan will remain in effect through December 31st, 2017. Purchases by the Company under the program would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time.