COLUMBIA, US: W R Grace & Co said its board of directors has authorized a new share repurchase programme of up to $250 million expected to be completed over the next 24 to 36 months at the discretion of management. Grace has repurchased shares totaling over $960 million since February 2014. The new program is expected to begin following the completion of our existing share repurchase program, which had $34 million of remaining repurchase authorization as of 31 December.
“Our strong balance sheet and cash flow provide the financial flexibility both to invest in growth and return capital to shareholders,” said Fred Festa, chairman and chief executive officer, Grace.
The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of Grace shares and general market and economic conditions. The number of shares that will be repurchased is not guaranteed and the share repurchase programme may be extended, suspended, or discontinued at any time without notice.
Read More: Grace announces $250 million share repurchase programme
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