WAYNE, Pa.--(BUSINESS WIRE)--Trinseo (“Trinseo” or “the Company”) (NYSE: TSE), a specialty material solutions provider, today announced that its Board of Directors authorized a quarterly dividend of $0.01 per share.
As announced during the Company’s first quarter earnings call, this dividend reduction, along with reductions in working capital and capital expenditures and the Matamoros asset sale, will improve the Company’s cash and liquidity profile by more than $100 million in 2023. “We remain committed to creating long-term shareholder value, and we believe this decision is prudent given the current low-demand economic environment while enabling continued investment in our growth and sustainability initiatives,” said Frank Bozich, Trinseo’s President and Chief Executive Officer.
The dividend will be a cash distribution payable on July 20, 2023, to shareholders of record as of the close of business on July 6, 2023.
About Trinseo
Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.
From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.
Trinseo’s approximately 3,400 employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $5.0 billion in 2022. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.
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