NEENAH, Wis.--(BUSINESS WIRE)--The Board of Directors of Bemis Company, Inc. (NYSE:BMS) has increased the authorization for share repurchases by 20 million additional shares of Bemis Company stock, supplementing the 2.4 million shares remaining from the previous share repurchase authorization by the Board in May of 2014 for 8 million shares.
“Today's Board authorization demonstrates continued confidence in our ability to grow and generate strong cash flow and in our commitment to expand the ways we deliver returns to our shareholders,” said William F. Austen, Bemis Company's President and Chief Executive Officer. "In alignment with our priority to increase shareholder value, we will continue to emphasize growth through organic and inorganic initiatives, while committing to utilize our excess cash to repurchase shares during the next three to five years. While maintaining our strong balance sheet, we will continue to invest our cash flow in capital projects for growth and efficiency, pay an increasing dividend, and finance acquisitions, along with these share repurchases.”
In addition, the Board of Directors has approved a 4 percent increase in the quarterly cash dividend, increasing it to 29 cents per share compared to the previous quarterly dividend of 28 cents per share. The cash dividend is payable on March 1, 2016, to shareholders of record at the close of business on February 17, 2016. This marks the 33rd consecutive year that the Company has increased its dividend payment. Bemis has been paying an annual dividend on its stock since 1922 and has been included in Standard & Poor's list of Dividend Aristocrats since 2008.
Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered “forward-looking,” and are presented pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such content is subject to certain risks and uncertainties, including but not limited to general economic conditions, future changes in cost or availability of raw materials, the ability to adjust selling prices, consumer buying patterns, changes in customer order patterns, potential loss of business or increased costs due to customer or vendor consolidation, the results of competitive bid processes, costs associated with the pursuit of business combinations or divestitures, plant closures, a failure in our information technology applications or infrastructure, foreign currency fluctuations, changes in working capital requirements, changes in government regulations, and the availability and related cost of financing from banks and capital markets. Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors, which are detailed in the Company's regular SEC filings including the most recently filed Form 10-K for the year ended December 31, 2014.
ABOUT BEMIS COMPANY, INC.
Bemis Company, Inc. (“Bemis” or the “Company”) is a major supplier of flexible and rigid packaging used by leading food, consumer products, healthcare, and other companies worldwide. Founded in 1858, Bemis reported 2015 net sales of $4.1 billion. Bemis has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. Headquartered in Neenah, Wisconsin, Bemis employs approximately 17,000 individuals worldwide. More information about Bemis is available at our website, www.bemis.com.