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.
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