Kronos Worldwide cuts quarterly dividend to 5c from 19c per share

Kronos Worldwide said its has declared a quarterly dividend of 5c per share, a decrease of 14c per share as compared to Q2, payable on September 19, to stockholders of record at the close of business on September 6. Commenting on the dividend, the company said, “The reduced dividend rate will allow Kronos to focus on maintaining a strong balance sheet while continuing to evaluate strategic investment opportunities. In addition to strengthening liquidity and providing the flexibility to absorb increased debt service costs, working capital needs and capital improvements from the acquisition of the 50% interest in the LPC joint venture, the new dividend rate will give Kronos an opportunity to focus on reducing leverage. Going forward we will continue to evaluate the appropriateness of the dividend based on progress towards these priorities, results of operations and other relevant factors.”