Valvoline Inc. recently announced that its board of directors increased the quarterly cash dividend on the company’s common stock by nearly 11 percent to $0.125 per share. The quarterly dividend will be payable on Dec. 15, 2020, to shareholders of record as of the close of business on Nov. 30, 2020.

The board of directors also authorized the company to repurchase up to $100 million of its common stock. The timing and amount of any purchase of shares of common stock will be based on the level of Valvoline’s liquidity, general business and market conditions and other factors, including alternative investment opportunities. The term of the new share repurchase authorization extends through Sept. 30, 2021. The dividend and share repurchase authorization is part of a broader capital allocation framework to deliver value to shareholders by first driving growth in the business, organically and through acquisitions, and then returning excess cash to shareholders through dividends and share repurchases.