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Rohm and Haas Company Increases Dividends 16 Percent; Stockholders Approve all Proposals at the Company’s Annual Meeting

Published on 2005-05-03. Author : SpecialChem

Philadelphia, PA -- The Rohm and Haas Company Board of Directors approved an increase in the company's quarterly dividends to 29 cents per share, an increase of 16 percent, payable on June 1, 2005 to stockholders of record on May 13, 2005. "Rohm and Haas is among a handful of U.S. based public companies that has increased dividends every year in the last quarter century," Raj Gupta, Chairman, President and Chief Executive Officer told shareholders at the company's annual meeting today, in Philadelphia. "We have had an annual dividend increase of 10 percent for the last 26 years, a record that we are very proud of, and expect to build upon in the years to come."

During the proceedings, Gupta told stockholders that since the beginning of the year, as part of the company's plan to deploy its cash in a balanced manner, it has prepaid $400 million in debt due in 2009, purchased 2.5 million shares of stock as part of a $1 billion share purchase program authorized by the Board of Directors, and increased dividends by 16 percent to an annual rate of $1.16 per share, while maintaining a strong balance sheet that provides the flexibility to fund future growth.

Also at the meeting, stockholders approved the re-election of thirteen directors, and also approved three other proposals, including the Company's Non-Employee Directors' Stock Plan, the Company's Non-Qualified Savings Plan, and ratified PricewaterhouseCoopers, LLP as the company's independent auditor for 2005. Two directors, Mr. Earl G. Graves, Sr., and Mr. James A. Henderson did not seek re-election to the Board of Directors since they attained the retirement age under the company's Corporate Governance Policies and Guidelines.

About Rohm and Haas Company

Rohm and Haas is a Philadelphia-based specialty materials company which makes products for the personal care, grocery, home and construction markets, and the electronics industry. The company had annual sales of approximately $7.3 billion in 2004 with operations in 27 countries.

This release includes forward-looking statements. Actual results could vary materially, due to changes in current expectations. The forward-looking statements contained in this announcement concerning demand for products and services, sales and earnings forecasts, and actions that may be taken to improve financial performance, involve risks and uncertainties and are subject to change based on various factors, including the cost of raw materials, natural gas, and other energy sources, and the ability to achieve price increases to offset such cost increases, development of operational efficiencies, changes in foreign currencies, changes in interest rates, the continued timely development and acceptance of new products and services, the impact of competitive products and pricing, the impact of new accounting standards, assessments for asset impairments, and the impact of tax and other legislation and regulation in the jurisdictions in which the company operates. Further information about these risks can be found in the company's SEC 10-K filing of March 1, 2005.

Source: Rohm and Haas


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