NewMarket Corporation Authorizes New $500 Million Share Repurchase Program

NewMarket Corporation (NYSE: NEU) has announced the approval of a new share repurchase program by its Board of Directors. The program will enable management to repurchase up to $500 million of the company’s outstanding common stock through December 31, 2027. This initiative is subject to market conditions and compliance with the covenants in the company’s existing debt agreements.

The newly approved repurchase program is set to replace the current $500 million program, which was sanctioned by the Board of Directors back in October 2021 and is due to expire on December 31, 2024. Under the terms of the new program, NewMarket Corporation may execute share repurchases through various methods such as open market transactions, privately negotiated deals, block trades, or in adherence to any trading plan established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. It’s important to note that the new program does not impose a specific requirement for the company to acquire a set number of shares, and reserves the right to terminate or suspend the repurchase activity at any point.

NewMarket Corporation, a Virginia-based company, operates via subsidiaries including Afton Chemical Corporation, Ethyl Corporation, and American Pacific Corporation. Afton and Ethyl concentrate on developing, manufacturing, blending, and delivering chemical additives to enhance petroleum product performance, while AMPAC specializes in manufacturing specialty materials primarily used in aerospace and defense industries.

While the company remains committed to its long-standing values of providing innovative solutions to customers and contributing positively to society, it cautions investors and stakeholders that certain information within this announcement constitutes forward-looking statements. Despite management’s confidence that expectations are grounded in reasonable assumptions about the business and operations, actual results may differ from anticipated outcomes.

Factors that could potentially impact results include raw material availability, operational disruptions, changes in technology, intellectual property protection, government regulations, customer retention, workforce management, among others. Risks associated with environmental liabilities, legal proceedings, foreign currency fluctuations, and the integration of acquisitions into the business are also noted.

Investors are advised to consider that forward-looking statements made by NewMarket are current as of the date issued and are subject to inherent risks and uncertainties. The company does not undertake the responsibility to update or revise such statements after the date of release, unless legally obligated to do so.

For more information, investors are encouraged to reach out to William J. Skrobacz, Vice President and Chief Financial Officer, for further details.

This press release serves as an informative update on NewMarket Corporation’s strategic financial decision.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NewMarket’s 8K filing here.

NewMarket Company Profile

NewMarket Corporation, through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives. The company offers lubricant additives for use in various vehicle and industrial applications, including engine oils, transmission fluids, off-road powertrain and hydraulic systems, gear oils, hydraulic oils, turbine oils, and other applications where metal-to-metal moving parts are utilized; engine oil additives designed for passenger cars, motorcycles, on and off-road heavy duty commercial equipment, locomotives, and engines in ocean-going vessels; driveline additives designed for products, such as transmission fluids, axle fluids, and off-road powertrain fluids; and industrial additives designed for products for industrial applications consisting of hydraulic fluids, grease, industrial gear fluids, and industrial specialty applications, such as turbine oils.