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Rohm and Haas Elects Rogers to Board, Increase Dividend, Announce Research Center

Published on 2004-05-04. Author : SpecialChem

Philadelphia, PA, May 3, 2004 - Rohm and Haas Company (NYSE:ROH) shareholders today elected Gary L. Rogers to its Board of Directors at their annual meeting of shareholders, held in Philadelphia Pa.

Mr. Rogers, 59 years of age, was most recently Vice-Chairman of General Electric Company from 2001 until his retirement in December, 2003. Previously he served as Senior Vice-President of General Electric Company and President and Chief Executive Officer of GE Plastics from 1992 to 2001. Mr. Rogers was one of fourteen members of the Board elected at the annual shareholders meeting. Mr. John A. McArthur, a director of the company since 1977 has attained the age of 70 and, in accordance with the company's Corporate Governance Policies and Guidelines, did not stand for re-election to the Board.

"Gary Rogers brings to the Rohm and Haas Company Board solid experience as a senior executive with one of the world's pre-eminent manufacturing companies. We look forward to his counsel and leadership," said Raj L. Gupta, Rohm and Haas Company chairman and chief executive officer. "I also want to express the appreciation of all Rohm and Haas Company's shareholders to John McArthur, for his thoughtful leadership and his wise counsel as a Director for the past 26 years."

In addition to the election of a new director, shareholders also approved four other proposals before them at the annual meeting, including the Company's annual incentive plan, long-term performance share plan, amended and restated the company's stock plan and ratified PricewaterhouseCoopers, LLP as the company's independent auditor for 2004.

During the proceedings, Gupta announced that the Board of Directors declared an increase in the company's quarterly dividends to 25 cents per quarter, an increase of 14 percent, payable on June 1, 2004 to shareholders of record on May 14, 2004. "This increase is tangible evidence of our confidence in the healthy cash generating capabilities of our portfolio, and the earnings momentum we see for the next several years," said Gupta. "We are optimistic about this company's future and the steady increases in our dividend payments is an appropriate way to share this confidence with our shareholders." During his remarks before shareholders, Gupta also announced the company's plans to build a new research and technical center in Shanghai, China, to be opened by the end of 2005. "The facility will be state-of-the-art and support all our businesses," Gupta said. He further noted that it was just over 40 years ago that the company made a similar investment to advance its research and development capabilities by building its Spring House, Pennsylvania research complex. "I expect this new research center in China to become just as important in enhancing our innovation capabilities and driving new product development in the future," he said.

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 has annual sales of approximately $6.4 billion and operations in more than twenty-seven countries. Additional information about Rohm and Haas can be found at www.rohmhaas.com.

Source: Rohm and Haas


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