Westlake Chemical Corp. has raised its dividend by 16 percent to 7.375 cents and started a $100 million share repurchase program.
The Houston company said the new dividend, up from 6.35 cents, will be payable Sept. 13 to stockholders of record Sept. 2.
Westlake also said its board authorized the share repurchase program on Friday, and it will start immediately. Buybacks will be made in the open market or in privately negotiated transactions.
Westlake makes petrochemicals, polymers and building products, including ethylene, polyethylene and PVC building products.
Shares of the company have traded between $24.68 and $67.77 over the past year and closed Friday at $37.81.