RPM Announces Increased Cash Dividend for 50th Consecutive Year
Image of world graphic with News. Courtesy of Getty Images.
RPM International Inc. recently announced a regular quarterly cash dividend of $0.46 per share, payable on October 31, 2023, to stockholders of record as of October 18, 2023. The 50th consecutive year the company has increased its cash dividend, the current dividend represents a 10% increase over the $0.42 quarterly cash dividend paid at this time last year.
“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.
RPM reports that 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. RPM in an elite category of less than half of one percent of all publicly traded U.S. companies with a record of consecutively paying out dividends. 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.
The company also announced the re-election of three directors 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 Corp.; Frederick R. Nance, executive group member and global DEI counsel, Squire Patton Boggs (US) LLP; and William B. Summers, retired chair and chief executive officer, McDonald Investments Inc. Additionally, Julie A. Lagacy retired from the board of directors, making the authorized number of directors 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.”
Learn more about RPM at www.rpminc.com.
Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!
