Dow Chemical Co. said Thursday that it is raising its quarterly dividend by 28 percent, a little more than a week after announcing it will eliminate 900 jobs and close several plants.
The
On April 2 Dow said it planned to eliminate 900 jobs, close four plants and idle a fifth because of the weakening European economy. It is closing plants in
Dow is the largest chemicals maker in the
Companies have been paying higher dividends recently. About three-fourths of the dividend-paying companies listed on the Standard & Poor's 500 are making greater payouts this year than in 2011. S&P Indices expects those companies to pay a total of $277 billion in dividends, a record.
In March a group of major banks moved to restore their dividend payments after cutting them during the financial crisis. Also last month, Apple Inc., the most valuable company in the world by market cap, said it will resume paying a dividend for the first time in almost 20 years.
Shares of Dow Chemical rose 80 cents, or 2.5 percent, to close at $32.67. The stock added 88 cents to $33.55 in aftermarket trading.