MOSCOW (MRC) -- Trinseo is cutting its quarterly dividend by 93% from USD0.14 cents/share to USD0.01 cent, the US-based international engineered materials and styrenics producer said.
The cut, along with reductions in working capital and capital expenditures and an asset sale at Matamoros, Mexico, would improve Trinseo’s cash and liquidity profile by more than USD100m in 2023, it said. It is the second dividend cut this year, following a 56% reduction announced in February.
The decision to cut the dividend was “prudent, given the current low-demand economic environment while enabling continued investment in our growth and sustainability initiatives”, said CEO Frank Bozich.
We remind, Trinseo, a specialty material solutions provider, announced the inauguration of its polycarbonate (PC) dissolution pilot facility in Terneuzen, the Netherlands. The new pilot facility is a major step in Trinseo’s commitment to sustainability, part of the journey in realizing the company’s sustainability goals. The guests of honor at the inauguration ceremony included Jo-Annes de Bat, Provincial Executive (responsible for regional economy) of the Netherlands.