PARKERSBURG – Despite reports of a cut in its September dividend payment, a Chemours spokeswoman said the company that was recently spun off from DuPont would pay its dividend in September.
Reports had been circulating in the financial press that the dividend could be cut by as much as 75 percent.
“In fact, Chemours will pay the $100 million September dividend declared by DuPont,” said spokeswoman Janet E. Smith in an email. “Subsequent dividends will be determined by the Chemours Board of Directors, which will exercise its independent judgment.
“Chemours remains committed to fulfilling all of its environmental and legal liabilities, in accordance with regulatory guidelines.”
On Wednesday Keep Your Promises issued a release stating the organization was renewing its demands for clarity on how DuPont and spinoff Chemours will keep its promises to Mid-Ohio Valley communities.
Keep Your Promises spokeswoman Maggie Flanigan said the group does not think the payment is realistic.
“As many in the financial press and analysts have said, it will be difficult for them to make the payment and we do not see it as realistic,” she said. “We hope the company can keep its promises.”
Keep Your Promises advisory committee member Harold Bock said the news of the possible cuts confirmed the group’s suspicions.
“This week’s news about the Chemours dividend confirms what we’ve feared for a long time: that this fraud of a spinoff has left victims at the mercy of an underfunded company that isn’t even able to honor its commitments to investors, much less its commitments to the folks suffering in the Valley,” stated Bock. “We deserve better, and DuPont’s latest ploy is a slap in the face to everyone the company has injured.”
According to Bloomberg Business, shareholders in the new company have seen the value of the stock decline by 38 percent. Bloomberg quoted analysts saying the cut would be 50 percent while others were forecasting a 75 percent cut…
CONTINUE READING AT NewsAndSentinel.com