NewMarket Corp. (NEU) said Thursday it has approved up to $100 million in capital spending by its AMPAC unit to boost ammonium perchlorate production, a critical component in solid rocket motors.

The expansion will include a new production line, increasing AMPAC's manufacturing capacity by more than 50%, the company said.

NewMarket expects the project to be completed in 2026 and noted that it will enhance supply chain resilience.

The company also maintained a quarterly dividend of $2.75 per share, payable July 1 to shareholders of record as of June 16.