Entegris Announces Additional $250 Million Share Repurchase Authorization
November 19 2018 - 5:02PM
Business Wire
Entegris, Inc. (NasdaqGS: ENTG) (the “Company”), a leader in
specialty chemicals and advanced materials solutions for the
microelectronics industry, today announced that its Board of
Directors has authorized the Company to repurchase an additional
$250 million of its common stock. As of Friday, November 16, 2018,
the Company has repurchased $60.2 million of its common stock
during the fourth quarter and $15.2 million remained available in
the Company's prior share repurchase authorization.
“We believe the stock buyback plan is a good use of cash given
our long-term growth prospects,” said Bertrand Loy, president and
chief executive officer. “The additional opportunistic buyback
program is consistent with our stated capital allocation strategy
which includes capital investments to support future growth,
strategic M&A, share repurchases and a quarterly dividend.”
Repurchases of the Company's common stock will be made from time
to time, subject to market conditions. These shares may be
purchased in the open market or through privately negotiated
transactions. The Company has no obligation to repurchase shares
under the authorization, and the timing, actual number and value of
shares which are repurchased will depend on a number of factors,
including the price of the Company's common stock, general business
and market conditions, and alternative investment opportunities.
The Company may suspend or discontinue the repurchase program at
any time. This current repurchase program expires in February
2020.
ABOUT ENTEGRIS
Entegris is a leading chemicals and advanced specialty materials
solutions provider for the microelectronics industry and other
high-tech industries. Entegris is ISO 9001 certified and has
manufacturing, customer service and/or research facilities in the
United States, China, France, Germany, Israel, Japan, Malaysia,
Singapore, South Korea and Taiwan. Additional information can be
found at www.entegris.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words “believe,” “expect,” “anticipate,” “intends,”
“estimate,” “forecast,” “project,” “should,” “may,” “will,” “would”
or the negative thereof and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include statements related to the Company’s plans and
expectations with regard to the share repurchase program and the
benefits we may derive from the program; the Company's capital
allocation strategy, which may be modified at any time for any
reason, including share repurchases, dividends, debt repayments and
potential acquisitions; and other matters. These statements involve
risks and uncertainties, and actual results may differ. These risks
and uncertainties include, but are not limited to, weakening of
global and/or regional economic conditions, generally or
specifically in the micro-electronics industry, which could
decrease the demand for our products and solutions; our ability to
meet rapid demand shifts; our ability to continue technological
innovation and introduce new products to meet our customers'
rapidly changing requirements; our concentrated customer base; our
ability to identify, effect and integrate acquisitions, joint
ventures or other transactions; our ability to protect and enforce
intellectual property rights; operational, political and legal
risks of our international operations; our dependence on sole
source and limited source suppliers; the increasing complexity of
certain manufacturing processes; raw material shortages and price
increases; changes in government regulations of the countries in
which we operate; fluctuation of currency exchange rates;
fluctuations in the market price of Entegris’ stock; the level of,
and obligations associated with, our indebtedness; and other risk
factors and additional information described in our filings with
the Securities and Exchange Commission, including under the heading
“Risks Factors” in Item 1A of our Annual Report on Form 10-K for
the fiscal year ended December 31, 2017, filed on February 15,
2018, and in our other periodic filings. The Company assumes no
obligation to update any forward-looking statements or information,
which speak as of their respective dates.
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version on businesswire.com: https://www.businesswire.com/news/home/20181119005893/en/
Bill Seymour, +1 978-436-6500VP of Investor
Relationsirelations@entegris.com
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