USG Announces New Quarterly Dividend
February 20, 2001
USG Corp.'s board of directors recently declared a new quarterly dividend of $.025 per share payable March 21, 2001, to shareholders of record as of February 23, 2001. The fourth-quarter dividend represents a decrease from the previous quarterly dividend of $.15 per share. The dividend reduction is consistent with other recently announced restructuring initiatives to maximize operating efficiency and increase cash flow as the company addresses a cyclical downturn in its businesses and the costs of asbestos litigation. The company's policy has been to reinvest in its businesses and return excess cash to shareholders. The new dividend level represents an adjustment that will help maintain the investment-grade profile of the company's balance sheet. Commenting on the new dividend, William C. Foote, chairman, president and CEO, said, "USG has a balance sheet and committed bank lines that provide significant liquidity. This decision provides USG an additional level of financial flexibility. More specifically, this will allow us the liquidity to continue to optimize our businesses as we face the current industry down cycle and as we intensify our efforts to secure satisfactory asbestos legislation."
For additional information, visit http://www.usg.com.