The Board of Directors of NewMarket Corporation has approved a new share repurchase program, granting management the authority to repurchase up to $500 million of the Company’s outstanding common stock. The program will run through December 31, 2027, with repurchases to be conducted as market conditions warrant and within the constraints of the Company’s existing debt agreements. This newly authorized program will replace the previous $500 million share repurchase initiative approved in October 2021, which is set to expire on December 31, 2024.
Under the terms of the new program, NewMarket Corporation may repurchase its shares through various methods, including open market transactions, privately negotiated transactions, block trades, or through the adoption of a trading plan that complies with Rule 10b5-1 of the Securities Exchange Act of 1934. The Company is not obligated to repurchase a specific number of shares under this program, and the initiative may be suspended or terminated at any time, depending on factors such as financial performance, market conditions, and corporate strategy.
This share repurchase program is part of NewMarket Corporation’s ongoing commitment to return value to its shareholders and manage its capital structure efficiently. The Company’s management believes that repurchasing shares is a prudent use of capital, especially in light of current market conditions and the Company’s ability to generate cash flow.
NewMarket Corporation is a holding company with operations through its subsidiaries: Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), and American Pacific Corporation (AMPAC). Afton and Ethyl specialize in the development, manufacturing, and blending of chemical additives that enhance the performance of petroleum products, while AMPAC is a leader in producing specialty materials, primarily for use in solid rocket motors serving the aerospace and defense sectors.
With a long-standing commitment to safety, innovation, and environmental responsibility, NewMarket continues to provide high-quality solutions to its customers while making significant strides in improving its operational efficiencies and supporting the communities in which it operates.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on NewMarket Corporation’s current expectations, estimates, and assumptions about its business and operations. While management believes these expectations are reasonable, there can be no assurance that actual results will align with the projections.
Several factors could cause actual results to differ materially from those projected. These include, but are not limited to, the availability of raw materials and efficient distribution systems, disruptions at production facilities, technological advancements, price fluctuations of raw materials, competition from other manufacturers, and changes in government regulations. Additionally, risks include the potential loss of key customers, changes to contracts with the U.S. government or contractors, the ability to retain a qualified workforce, cybersecurity breaches, the impact of natural disasters or geopolitical events, and fluctuations in foreign exchange rates.
NewMarket’s ability to successfully manage its infrastructure investments, acquisitions, pension liabilities, and environmental matters are also key factors that could impact its future performance. Further risks are outlined in the Company’s filings with the Securities and Exchange Commission (SEC), including in the “Risk Factors” sections of its 2023 Annual Report on Form 10-K and its 2024 Quarterly Report on Form 10-Q, which are available to shareholders on the Company’s website at www.newmarket.com.
Investors should be aware that forward-looking statements made by NewMarket reflect management’s current expectations, but these statements speak only as of the date of publication. The Company does not intend to update or revise these statements unless required by law, as new risks and uncertainties may arise that could affect the Company’s performance.
In light of these risks, investors are encouraged to carefully consider the potential for variability in future results and not place undue reliance on forward-looking statements.
