Ameron International Corporation has announced that its board of directors declared a special dividend of USD 3 per share of common stock, payable November 30th 2010 to stockholders of record on November 10th 2010.
The board of directors also approved the company's repurchase from time to time of up to an aggregate of USD 50 million of its common stock. The company further announced the completion of the previously disclosed divestiture of its partial ownership of TAMCO, a steel mini mill.
The sale of the company's 50% ownership of TAMCO to Gerdau Ameristeel US Inc was completed on October 21st 2010. The company sold its TAMCO investment for USD 82.5 million, recognizing an estimated pretax gain of approximately USD 48.4 million.
Under the terms of the sale, Ameron received proceeds of approximately USD 78.1 million, before post closing working capital adjustments and other charges and payment of an estimated USD 19.5 million in income taxes related to the gain, and after deduction of USD 5 million to be held in escrow for a period of time to cover potential price adjustments and indemnification obligations related to the transaction.
The special dividend will total USD 27.7 million.
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