RPM Increases Cash Dividend for 50th Consecutive Year
05 Ottobre 2023 - 8:30PM
Business Wire
- Quarterly payment of $0.46 per share is 10% increase over prior
year
- Three directors re-elected at annual meeting of
stockholders
- Julie Lagacy retires from board of directors
RPM International Inc. (NYSE: RPM) today announced at its annual
meeting of stockholders that its board of directors declared a
regular quarterly cash dividend of $0.46 per share, payable on
October 31, 2023, to stockholders of record as of October 18, 2023.
This payment represents a 10% increase over the $0.42 quarterly
cash dividend paid at this time last year and is the 50th
consecutive year the company has increased its cash dividend.
“Increasing dividends for fifty consecutive years is a
significant achievement, and the primary credit for this
accomplishment goes to our associates. Throughout RPM’s history,
they have innovated, adapted to changing market conditions and
embraced our core values of transparency, trust and respect to
deliver sustainable value for our shareholders, customers and other
stakeholders. Over the last half century, RPM has returned
approximately $3.3 billion in cash dividends to its shareholders.
With our entrepreneurial spirit and strategically balanced business
model, I am confident we will build on our strong track record of
sustainable value creation,” said Frank C. Sullivan, RPM Chair and
CEO.
Over the last half-century, total shareholder return when
reinvesting dividends and excluding taxes has been nearly 115,000%
or a CAGR over 15%1. To put this into perspective, if you invested
$1,000 in RPM stock on August 31, 1973, and reinvested dividends
for the past 50 years, the total value of that investment
(excluding taxes) as of August 31, 2023, would be over $1.1
million. This compares to a total value of $0.2 million for a
$1,000 initial investment in the S&P 500® over the same period
with dividends reinvested and taxes excluded².
RPM’s 50th consecutive year of increased cash dividends paid to
its stockholders places RPM in an elite category of less than half
of 1 percent of all publicly traded U.S. companies. Only 41 other
U.S. companies, besides RPM, have consecutively paid an increasing
annual cash dividend for a longer period of time, according to
Dividend Radar.
Mr. Sullivan published a public letter to shareholders
commemorating this dividend milestone, which can be viewed at:
rpminc.com/dividend/50-years-of-dividend-gold/
At the annual meeting of stockholders, three directors were
re-elected to serve in Class III with three-year terms expiring at
the annual meeting of stockholders in 2026. They are:
- Robert A. Livingston, retired President and Chief Executive
Officer, Dover Corporation
- Frederick R. Nance, Executive Group Member and Global DEI
Counsel, Squire Patton Boggs (US) LLP
- William B. Summers, retired Chair and Chief Executive Officer,
McDonald Investments Inc.
Julie A. Lagacy retired from the board of directors, effective
with the expiration of her term at the annual meeting of
shareholders. Following her retirement, the authorized number of
directors has been fixed at 11.
Sullivan added, “On behalf of the entire board of directors, I
would like to thank Julie for her contributions to RPM over the
past six years. We all benefited from her valuable experience and
insights, particularly in relation to our Building a Better World
sustainability program. We wish her all the best in her retirement
and future endeavors.”
1 – Calculated by FactSet 2 – Source: Bloomberg Finance L.P.
S&P 500® is a trademark of S&P Global, Inc. or its
affiliates
About RPM RPM International Inc. owns subsidiaries that
are world leaders in specialty coatings, sealants, building
materials and related services. The company operates across four
reportable segments: consumer, construction products, performance
coatings and specialty products. RPM has a diverse portfolio of
market-leading brands, including Rust-Oleum, DAP, Zinsser,
Varathane, DayGlo, Legend Brands, Stonhard, Carboline, Tremco and
Dryvit. From homes and workplaces to infrastructure and precious
landmarks, RPM’s brands are trusted by consumers and professionals
alike to help build a better world. The company employs
approximately 17,300 individuals worldwide. Visit www.RPMinc.com to
learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20231005781340/en/
Matt Schlarb Senior Director – Investor Relations 330-220-6064
mschlarb@rpminc.com.
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