Newell Brands Announces $2.5 Billion Expansion of Share Repurchase Authorization
June 11 2018 - 8:00AM
Business Wire
Newell Brands Inc. (NYSE:NWL) announced today that its Board of
Directors has approved an expansion to the company's stock
repurchase authorization. Under the expansion, the company is
authorized to expend $2.5 billion for repurchase of its outstanding
shares through December 31, 2019. This authorization is incremental
to the approximately $1.1 billion remaining under its previously
announced authorization, which has been amended by the Board, so it
now also expires on December 31, 2019. The total share repurchase
authorization is now approximately $3.6 billion. Under the program,
the company's common shares may be purchased by Newell Brands
through a 10b5-1 automatic trading plan, discretionary purchases on
the open market, accelerated share repurchase arrangements, in
privately negotiated transactions or any combinations thereof. The
amount and timing of any purchases will depend on factors including
trading price, trading volume and general market conditions.
The company continues to anticipate after-tax proceeds of
approximately $10 billion from asset divestitures planned as part
of the company’s Accelerated Transformation Plan. Proceeds will be
applied to deleveraging and share repurchase.
About Newell Brands
Newell Brands (NYSE: NWL) is a leading global consumer goods
company with a strong portfolio of well-known brands, including
Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®,
Jostens®, Marmot®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®,
Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®,
Calphalon®, Rubbermaid®, Contigo®, First Alert®, and Yankee
Candle®. For hundreds of millions of consumers, Newell Brands makes
life better every day, where they live, learn, work and play.
This press release and additional information about Newell
Brands are available on the company’s website,
www.newellbrands.com.
Forward-Looking
Statements
Statements in this press release that are not historical in
nature constitute forward-looking statements. These forward-looking
statements may include, but are not limited to, references to
estimated divestiture proceeds, stock repurchase activity,
completion of divestitures and the timing for closing of
transactions. These statements generally can be identified by the
use of words such as “intend,” “anticipate,” “believe,” “estimate,”
“project,” “target,” “plan,” “expect,” “will,” “should,” “would” or
similar statements. We caution that forward-looking statements are
not guarantees because there are inherent difficulties in
predicting future results. In addition, there are no assurances
that we will complete any or all of the potential transactions or
other initiatives referenced above. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Important factors that could cause actual results to
differ materially from those suggested by the forward-looking
statements include, but are not limited to:
- our dependence on the strength of
retail, commercial and industrial sectors of the economy in various
parts of the world;
- competition with other manufacturers
and distributors of consumer products;
- major retailers’ strong bargaining
power and consolidation of our customers;
- our ability to improve productivity,
reduce complexity and streamline operations;
- our ability to develop innovative new
products, to develop, maintain and strengthen end-user brands and
to realize the benefits of increased advertising and promotion
spend;
- risks related to our substantial
indebtedness, a potential increase in interest rates or changes in
our credit ratings;
- our ability to effectively accelerate
our transformation plan and explore and execute our strategic
options;
- our ability to complete planned
acquisitions and divestitures, to integrate Jarden and other
acquisitions and unexpected costs or expenses associated with
acquisitions or dispositions;
- changes in the prices of raw materials
and sourced products and our ability to obtain raw materials and
sourced products in a timely manner;
- the risks inherent to our foreign
operations, including currency fluctuations, exchange controls and
pricing restrictions;
- a failure of one of our key information
technology systems or related controls;
- future events that could adversely
affect the value of our assets and require impairment charges;
- the impact of United States and foreign
regulations on our operations, including environmental remediation
costs;
- the potential inability to attract,
retain and motivate key employees;
- the resolution of tax contingencies
resulting in additional tax liabilities;
- product liability, product recalls or
related regulatory actions;
- our ability to protect intellectual
property rights;
- significant increases in the funding
obligations related to our pension plans; and
- other factors listed from time to time
in our filings with the Securities and Exchange Commission,
including, but not limited to our Annual Report on Form 10-K.
Changes in such assumptions or factors could produce
significantly different results. The information contained in this
news release is as of the date indicated. The company assumes no
obligation to update any forward-looking statements contained in
this news release as a result of new information, future events or
developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20180611005360/en/
Investors:Nancy O’DonnellSVP, Investor Relations and
Communications+1 (201)
610-6857nancy.odonnell@newellco.comorMedia:Michael
SinatraDirector, External Communications+1 (201)
610-6717michael.sinatra@newellco.com
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