Ashland cuts quarterly dividend by 73%

NEW YORK (MarketWatch) - Ashland Inc. said Thursday it will cut its quarterly cash dividend to 7.5 cents a share from 27.5 cents a share. The dividend is payable Dec. 15 to shareholders of record as of the close of business on Dec. 1. “The board has chosen to set the dividend at a yield that is currently more consistent with the specialty chemical sector,” the Covington, Ky. company said. “The new dividend amount also enables Ashland to conserve cash through the trough of the economic cycle and creates additional financial flexibility, while still providing shareholders a dividend at a level typical of our peers.”
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