Dow Chemical ups dividend and raises stock buyback

MIDLAND (AP) - Dow Chemical said Wednesday that it is boosting its quarterly dividend 14 percent, more than doubling the amount of shares it can buy back and raising its target for selling more of its non-core assets.

The specialty chemicals maker said it will raise its dividend to 42 cents per share in the fourth quarter from 37 cents per share. The dividend will be paid out on Jan. 30 to shareholders of record Dec. 31.

Dow said it is raising its stock buyback program authority by $5 billion, raising the total to $9.5 billion.

The company also said it plans to raise between $7 billion and $8.5 billion through asset sales by the middle of 2016. It said it still plans to raise between $4.5 billion and $6 billion, as previously announced, by the end of 2015. As part of that strategy, Dow said it would sell some of its investments in Kuwait.

Shares of The Dow Chemical Co., based in Midland, Michigan, rose 38 cents to close at $49.90 Wednesday.

Published: Fri, Nov 14, 2014

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