Clorox Increases Quarterly Dividend by 15% and Announces Share Repurchase Authorization of $750 Million

2008-05-14 04:43:00 -

www.TheCloroxCompany.com - The Clorox Company (NYSE:CLX) today announced that its board of directors declared a quarterly dividend of 46 cents per share, payable August 15, 2008, to stockholders of record on July 28, 2008. The amount represents an increase of 6 cents per share, or 15 percent, in the company's quarterly dividend.

The board of directors also authorized the company to repurchase its shares in the open market for an aggregate purchase price of up to $750 million. This $750 million share repurchase program is in addition to an evergreen repurchase program previously announced by the company to reduce or eliminate dilution in connection with issuances of stock under the company's stock incentive plans. Repurchases may take place from time to time, depending on market conditions. However, at this time, the company intends to primarily use its strong free cash flow to reduce its debt levels back to a 3.0 to 1 debt-to-EBITDA ratio or lower.

The Clorox Company

The Clorox Company is a leading manufacturer and marketer of consumer products with fiscal year 2007 revenues of $4.8 billion. Clorox markets some of consumers' most trusted and recognized brand names, including its namesake bleach and cleaning products, Green Works(TM) natural cleaners, Armor All(R) and STP(R) auto-care products, Fresh Step(R) and Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R) water-filtration systems, Glad(R) bags, wraps and containers, and Burt's Bees(R) natural personal care products. With 8,300 employees worldwide, the company manufactures products in more than two dozen countries and markets them in more than 100 countries. Clorox is committed to making a positive difference in the communities where its employees work and live. Founded in 1980, The Clorox Company Foundation has awarded cash grants totaling more than $69.7 million to nonprofit organizations, schools and colleges. In fiscal 2007 alone, the foundation awarded $3.4 million in cash grants, and Clorox made product donations valued at $5.9 million. For more information about Clorox, visit www.TheCloroxCompany.com.

The Clorox Company
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Kathryn Caulfield, 510-271-7209
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Investor Relations
Li-Mei Johnson, 510-271-3396
Steve Austenfeld, 510-271-2270