NAPERVILLE, Ill., Feb. 20, 2007 (PRIME NEWSWIRE) -- Nalco Company (NYSE:NLC), the leading global provider of integrated water treatment and process improvement services, chemicals and equipment programs for industrial and institutional applications, announced today that the Company's Board of Directors had instituted an annual dividend of 14 cents per share. The first quarterly payment of 3.5 cents per share will be made on April 2, 2007, to shareholders of record on March 19, 2007.
In making the announcement, Dr. William H. Joyce, Chairman and Chief Executive Officer, pointed to the significant cash flow generated by the Nalco business portfolio. "Since our leveraged buyout in late 2003, we have reduced our debt position from approximately 6.9 times debt to Adjusted EBITDA just after the buyout concluded to 4.6 times at the end of 2006," Dr. Joyce noted. "The Company's optimal capital structure and resultant deployment of Free Cash Flow will be discussed as the Company addresses its strategic plans for growth later this year."
The Board also set the date for the annual meeting of shareholders for Thursday, May 3, 2007, at 9:00 a.m., at Nalco headquarters in Naperville, IL The record date to determine shareholders eligible to vote at the meeting is March 19, 2007.
About Nalco
Nalco is the leading provider of integrated water treatment and process improvement services, chemicals and equipment programs for industrial and institutional applications. The company currently serves more than 70,000 customer locations representing a broad range of end markets. It has established a global presence with more than 11,000 employees operating in 130 countries supported by a comprehensive network of manufacturing facilities, sales offices and research centers. In 2006, Nalco achieved sales of more than $3.6 billion. For more information visit www.nalco.com.
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This news release includes forward-looking statements, reflecting current analysis and expectations, based on what are believed to be reasonable assumptions. Forward-looking statements may involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from those projected, stated or implied, depending on many factors, including, without limitation: ability to generate cash, ability to raise capital, ability to refinance, the result of the pursuit of strategic alternatives, ability to execute work process redesign and reduce costs, ability to execute price increases, business climate, business performance, economic and competitive uncertainties, higher manufacturing costs, reduced level of customer orders, changes in strategies, risks in developing new products and technologies, environmental and safety regulations and clean-up costs, foreign exchange rates, the impact of changes in the regulation or value of pension fund assets and liabilities, changes in generally accepted accounting principles, adverse legal and regulatory developments, including increases in the number or financial exposures of claims, lawsuits, settlements or judgments, or the inability to eliminate or reduce such financial exposures by collecting indemnity payments from insurers, the impact of increased accruals and reserves for such exposures, weather-related factors, and adverse changes in economic and political climates around the world, including terrorism and international hostilities, and other risk factors identified by the Company. Accordingly, there can be no assurance that the Company will meet future results, performance or achievements expressed or implied by such forward-looking statements. This paragraph is included to provide safe harbor for forward-looking statements, which are not generally required to be publicly revised as circumstances change, and which the Company does not intend to update.