Ceradyne, Inc. Announces Common Stock Repurchase Program
August 31 2011 - 7:30AM
Marketwired
Ceradyne, Inc. (NASDAQ: CRDN) announced today that its Board of
Directors has authorized the repurchase of up to $100 million of
Ceradyne common stock in open market transactions, including block
purchases, or in privately negotiated transactions. This
authorization is in addition to the approximately $7.5 million
remaining under the Company's $100 million stock repurchase program
authorized in March 2008.
The stock repurchase program does not include specific price
targets or timetables and may be suspended or terminated at any
time prior to completion. Ceradyne intends to use cash on hand to
acquire the shares. Repurchased shares will be cancelled.
Joel P. Moskowitz, Ceradyne's chairman and chief executive
officer, commented: "We believe a repurchase program is an
appropriate use of our cash and underscores our belief in the
long-term value of our stock. At our current trading levels, our
Board of Directors believes that Ceradyne stock is an attractive
investment for Ceradyne and its shareholders."
About Ceradyne, Inc. Ceradyne develops,
manufactures, and markets advanced technical ceramic products and
components for defense, industrial, energy, automotive/diesel, and
commercial applications. In many high performance applications,
products made of advanced technical ceramics meet specifications
that similar products made of metals, plastics or traditional
ceramics cannot achieve. Advanced technical ceramics can withstand
extremely high temperatures, combine hardness with light weight,
are highly resistant to corrosion and wear, and often have
excellent electrical capabilities, special electronic properties
and low friction characteristics. Additional information about the
Company can be found at http://www.ceradyne.com.
Forward-Looking Statements Except for the
historical information contained herein, this press release
contains forward-looking statements regarding future events and the
future performance of Ceradyne that involve risks and uncertainties
that could cause actual results to differ materially from those
projected. Words such as "anticipates," "believes," "plans,"
"expects," "intends," "future," and similar expressions are
intended to identify forward-looking statements. These risks and
uncertainties are described in the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2010 and its Quarterly
Reports on Form 10-Q as filed with the U.S. Securities and Exchange
Commission.
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