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Dow Intents To Issue Dividend Payout Of $2.1 Bln

Dow, materials science company, said that it intents to issue dividend payout of $2.1 billion and launch a $3 billion open market share repurchase program upon separation from DowDuPont, with a shareholder remuneration target of approximately 65 percent of operating net income across the cycle.

Dow said it will meet with sell-side analysts in New York City today. During the meeting, Dow will discuss its: operational and financial targets, portfolio differentiation relative to peers, near-term earnings growth opportunities, and intended capital allocation priorities upon separation from DowDuPont. The new Dow is expected to separate from DowDuPont as an independent, publicly traded company on April 1, 2019.

Dow confirmed near-term CapEx expenditures at or below depreciation and amortization - in the range of $2.5 billion - $2.8 billion - for at least the next three years.

The company reiterated commitment to deliver cost synergy savings and stranded cost removal - approximately $800 million remaining to deliver, of which 75% of those savings will be additive in 2019 versus 2018.

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