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DJ Microchip Tech Raises Quarterly Dividend

· 02/04/2021 16:43

By Stephen Nakrosis

Microchip Technology Inc. on Thursday said its board approved an increase in the quarterly dividend, raising it 5.8% to 39 cents a share.

The company said the new dividend will be payable March 8 to shareholders of record Feb. 22.

"Microchip's financial performance in the December 2020 quarter was strong driving significant cash generation and debt reduction," said Steve Sanghi, chief executive. "As we continue to make significant progress towards our debt reduction goals, our Board has decided to return additional cash to our stockholders through a higher dividend as part of our cash return strategy," he added.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

February 04, 2021 16:43 ET (21:43 GMT)

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