Share “Westlake Chemical declares special dividend”

Westlake Chemical declares special dividend

Associated Press Published: November 19, 2012

HOUSTON (AP) — Westlake Chemical has declared a special dividend of $3.75 per share and a quarterly dividend of 18.75 cents per share.

The chemical company said Monday that the dividends will be paid on Dec. 12 to shareholders of record on Nov. 26.

The special dividend will cost the company about $250 million while the regular dividend will be about $12.5 million, the company said. The company has about 66.7 million shares outstanding.

Westlake Chemical Corp. said that the dividends will be paid with available cash.

The Houston-based company said that this is the 33rd straight quarterly dividend since its initial public offering was completed in August 2004.

Its shares finished at $72.43 in trading on Friday. They are down 10 percent from a 52-week high of $80.49 set on Oct. 16. They traded as low as $37.68 on Dec. 19, 2011.