NewMarket announces $500M share repurchase program

The board of directors of NewMarket (NEU) approved a new share repurchase program authorizing management to repurchase up to $500M of the company’s outstanding common stock through December 31, 2027, as market conditions warrant and covenants under the company’s existing debt agreements permit. The new repurchase program will replace the company’s existing $500M repurchase program approved by the board of directors in October 2021, which will expire on December 31. Under the new program, the company may conduct share repurchases in the open market, in privately negotiated transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The new program does not require the company to acquire any specific number of shares and may be terminated or suspended at any time.