ICO, Inc. Declares Cash Dividend
HOUSTON, Dec. 17 /PRNewswire-FirstCall/ -- ICO, Inc. (Nasdaq GM: ICOC), a global producer of custom polymer powders and plastic film concentrates, today announced that the Company's Board of Directors has declared a cash dividend of $0.05 per common share, payable December 31, 2009, to shareholders of record on December 28, 2009.
On December 2, 2009, the Company announced the execution of a merger agreement with A. Schulman, Inc., which is expected to close in the spring of 2010. The merger agreement allows for a quarterly dividend not to exceed $0.05 per common share and the Company obtained the consent of KeyBank and Wells Fargo to pay the dividend. The merger is subject to approval from ICO shareholders and customary regulatory approvals.
"As we anticipate the successful closing of the merger agreement with A. Schulman, the Board remains confident in the solid performance prospects of the Company, which is reflected in the declaration of this dividend to our shareholders," stated the Company's Chief Executive Officer, A. John Knapp, Jr.About ICO, Inc. With 20 locations in 9 countries, ICO produces custom polymer powders for rotational molding and other polymer related businesses, such as the textile, metal coating and masterbatch markets. ICO remains an industry leader in size reduction, compounding and other tolling services for plastic and non-plastic materials. ICO's Bayshore Industrial subsidiary produces specialty compounds, concentrates and additives primarily for the plastic film industry. Additional information about ICO, Inc. can be found on the Company's website at www.icopolymers.com. Forward-Looking Statements Certain matters discussed in this press release are "forward-looking statements," involving certain risks, uncertainties, and assumptions, intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. The Company's statements regarding trends in the marketplace, potential future results, and statements regarding the merger (including the valuation, benefits, results, effects and timing thereof), the combined company and attributes thereof, and whether and when the transactions contemplated by the merger agreement will be consummated are examples of such forward-looking statements. The following is a non-exclusive list of risks and uncertainties, and circumstances that present risks, that could cause the forward-looking statements to become untrue or otherwise affect the outcome thereof including without limitation: the failure to receive the approval of the Company's shareholders; satisfaction of the conditions to the closing of the merger; costs and difficulties related to integration of businesses and operations; delays, costs and difficulties relating to the merger and related transactions; results of cash/stock elections of shareholders; restrictions imposed by the Company's outstanding indebtedness; changes in the cost and availability of resins (polymers) and other raw materials; changes in demand for the Company's services and products; business cycles and other industry conditions; general economic conditions; international risks; operational risks; currency translation risks; the Company's lack of asset diversification; the Company's ability to manage global inventory, develop technology and proprietary know-how, and attract and retain key personnel; failure of closing conditions in any transaction to be satisfied; integration of acquired businesses; as well as risk factors and other factors detailed in the Company's and A. Schulman's respective most recent form 10-K and other filings with the Securities and Exchange Commission.
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