The Board of Directors of Bemis Company, Inc. (NYSE:BMS) has declared a regular quarterly cash dividend of $0.23 per share. The dividend is payable December 1, 2010, to shareholders of record at the close of business on November 16, 2010.
In addition, the Board replaced the existing authorization for share repurchases totaling 3.1 million shares of Bemis Company stock with a new authorization for the repurchase of a total of 10 million shares. This approval enables Bemis to use a portion of its free cash flow to repurchase shares from time to time through open market purchases, privately negotiated transactions, accelerated share repurchase programs, or Rule 10b5-1 plans.
"At Bemis, we are focused on total return to shareholders through prudent investment of cash flow in growth oriented capital investments, accretive acquisitions, dividends, and share repurchases," said Henry Theisen, Bemis Company President and Chief Executive Officer. "Today's Board authorization further demonstrates our confidence in the ability of our business to continue to generate strong cash flows and to reach our long-term goals for earnings growth."
About Bemis Company, Inc.Bemis Company is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, healthcare, and other companies worldwide. Founded in 1858, the Company is included in the S&P 500 index of stocks and reported pro forma 2009 net sales, giving effect to the Food Americas acquisition, of $4.8 billion. The Company’s flexible packaging business has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. Headquartered in Neenah, Wisconsin, Bemis employs over 20,000 individuals worldwide. More information about the Company is available at our website, www.bemis.com.