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Newmarket Corporation Declares A 14% Increase In The Quarterly Dividend And A New Stock Repurchase Authorization

The following excerpt is from the company's SEC filing.

Richmond, VA, October 21, 2015 The Board of Directors of NewMarket Corporation (NYSE:NEU) declared a quarterly dividend in the amount of $1.60 per share on the common stock of the Corporation. The dividend is payable January 1, 2016 to NewMarket shareholders of record at the close of business on December 15, 2015. This raises our dividend by 20 cents per share, which represents a 14% increase from the previous payment.

The Board of Directors approved a new share repurchase program and authorized management to repurchase up to $500 million of NewMarkets outstanding common stock until December 31, 2018, as market conditions warrant and covenants under our existing debt agreements permit. NewMarket may conduct the share repurchases in the open market and in privately negotiated transactions. The repurchase program does not require NewMarket to acquire any specific number of shares and may be terminated or suspended at any time. The previous authorization, which was valid until December 31, 2016, has been cancelled. It had approximately $76 million of unused repurchase capacity.

NewMarket Corporation through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance...