Cambrex Issues $14 Special Cash Dividend

The Associated Press is reporting the following:

Friday April 6, 12:14 pm ET
Cambrex Issues $14 Special Cash Dividend to Shareholders, Discontinues Quarterly Dividends

EAST RUTHERFORD, N.J. (AP) -- Cambrex Corp., which makes products and services used by life sciences companies, said Friday its board of directors approved a one-time special cash dividend of $14 per share to shareholders.

Cambrex will finance the dividend -- worth $400 million -- with a $300 million cash payment from proceeds of the sale of its bioproducts and biopharma business units and $100 million in borrowings. Cambrex said it entered into a new five-year $200 million credit facility on Friday with commercial bank group JP Morgan Chase Bank.

The dividend is payable May 3 to shareholders on record as of April 20.
Separately, the company's board said it will no longer issue quarterly dividend payments. Cambrex will now allocate cash to support its growth plans. The company last paid a regular quarterly dividend of 3 cents per share on Feb. 16.

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