Seagate Technology Announces New $2.3 Billion Share Repurchase Authorization
November 02 2018 - 8:02AM
Business Wire
Seagate Technology plc (NASDAQ: STX) (the “Company” or
“Seagate”) today announced that its Board of Directors has
authorized the Company to repurchase up to $2.3 billion of its
outstanding ordinary shares (the “October 2018 Authorization”).
As a result of the October 2018 Authorization, Seagate currently
has an aggregate authority to repurchase approximately $3.0 billion
of its ordinary shares. Share repurchases under the October 2018
Authorization may be made through a variety of methods, which may
include open market purchases, privately negotiated transactions,
block trades, accelerated share repurchase transactions, or by any
combination of such methods. The timing and actual number of shares
repurchased will depend on a variety of factors including the
ordinary share price, corporate and regulatory requirements and
other market and economic conditions. The share repurchase
authorization may be suspended or discontinued at any time.
“The repurchase authorization reflects the confidence that the
Board and the executive management team have in Seagate’s ability
to generate cash, while still investing in innovation and growth
opportunities,” said Dave Mosley, Seagate’s chief executive
officer.
About Seagate
Seagate creates space for the human experience by innovating how
data is stored, shared and used. Learn more at www.seagate.com.
(c) 2018 Seagate Technology LLC. All rights reserved. Seagate,
Seagate Technology and the Spiral logo, are registered trademarks
of Seagate LLC in the United States and/or other countries.
All other trademarks or registered trademarks are the property of
their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended, including, in particular, statements about the Company’s
plans, strategies and prospects, financial projections,
expectations regarding market demand and the Company’s products,
shifts in technology, the Company’s ability to meet market and
industry expectations and the effects of these future trends and
expectations on the Company’s business and shareholder value. These
statements identify prospective information and may include words
such as “expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “projects,” “should,” “may,” “will,” or
the negative of these words, variations of these words and
comparable terminology. These forward-looking statements are based
on information available to the Company as of the date of this
report and are based on management’s current views and assumptions.
These forward-looking statements are conditioned upon and also
involve a number of known and unknown risks, uncertainties, and
other factors that could cause actual results, performance or
events to differ materially from those anticipated by these
forward-looking statements. Such risks, uncertainties, and other
factors may be beyond the Company’s control and may pose a risk to
the Company’s operating and financial condition. Such risks and
uncertainties include, but are not limited to: the uncertainty in
global economic and political conditions; the impact of the
variable demand and adverse pricing environment for storage
products; the Company’s ability to successfully qualify,
manufacture and sell its storage products in increasing volumes on
a cost-effective basis and with acceptable quality; the impact of
competitive product announcements; the Company’s ability to achieve
projected cost savings in connection with restructuring plans and
consolidation of manufacturing activities; possible excess industry
supply with respect to particular storage products and competing
alternative storage technology solutions; the impact of trade
barriers imposed by the U.S. government and potential corresponding
actions by other countries in which the Company conducts its
business; disruptions to its supply chain or production
capabilities; unexpected advances in competing technologies or
changes in market trends; the development and introduction of
products based on new technologies and expansion into new data
storage markets; currency fluctuations that may impact the
Company’s margins, international sales and results of operations;
and fluctuations in interest rates. Information concerning risks,
uncertainties and other factors that could cause results to differ
materially from the expectations described in this press release is
contained in the Company’s Annual Report on Form 10-K filed with
the U.S. Securities and Exchange Commission (“SEC”) on
August 3, 2018, the “Risk Factors” section of which is
incorporated into this press release by reference, and other
documents filed with or furnished to the SEC. These forward-looking
statements should not be relied upon as representing the Company’s
views as of any subsequent date and the Company undertakes no
obligation to update forward-looking statements to reflect events
or circumstances after the date they were made, except as required
by applicable law.
The inclusion of Seagate’s website address in this press release
is intended to be an inactive textual reference only and not an
active hyperlink. The information contained in, or that can be
accessed through, Seagate’s website and social media channels are
not part of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20181102005254/en/
Seagate Technology plcAndrew Larg,
408-658-1059andrew.larg@seagate.com
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