Advanced Energy Announces Increase of Share Repurchase Authorization
May 07 2018 - 7:45AM
Advanced Energy Industries, Inc. (NASDAQ:AEIS), a global leader in
innovative power and control technologies, announced that its Board
of Directors has approved a $50 million increase to its
authorization to repurchase shares of the Company’s common stock.
When combined with the remaining prior authorization of $41.5
million, the Company has $91.5 million in total share repurchase
authorization. Year to date, the company has repurchased shares of
approximately $28.5 million and $108.5 million since the beginning
of the program.
“Today’s announcement is in-line with our strategy to
effectively deploy our cash and return value to shareholders,” said
Yuval Wasserman, president & CEO of Advanced Energy. “Our
differentiated business model continues to drive profitability and
cash flow generation, allowing us the flexibility to pursue organic
and inorganic initiatives and enhance capital returns.”
Purchases under the program may be made from time-to-time in the
public or private markets, through block trades, Rule 10b5-1
trading plans or other available means and may include the use of
derivative contracts and structured and accelerated share
repurchase agreements. There is no minimum number of shares to be
repurchased under the program, and it may be suspended or
discontinued at any time.
About Advanced Energy
Advanced Energy (NASDAQ:AEIS) is a global leader in innovative
power and control technologies for high-growth, precision power
solutions for thin films processes and industrial applications.
Advanced Energy is headquartered in Fort Collins, Colorado, with
dedicated support and service locations around the world. For more
information, go to www.advanced-energy.com.
Advanced Energy and the Advanced Energy logo are trademarks of
Advanced Energy Industries, Inc. or one of its Affiliates in the
United States and elsewhere.
For more information, contact:
Paul OldhamAdvanced
Energy Industries, Inc.(970) 407-6326Paul.oldham@aei.com |
Rhonda BennettoAdvanced
Energy Industries, Inc.(970) 407-6555ir@aei.com |
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Exchange Act of 1934
that involve a number of risks and uncertainties. Such
forward-looking statements include statements which may be preceded
by the words "plan," "will," "expect," "believe," or similar words.
Other risks are described in Advanced Energy's Form 10-K, Forms
10-Q and other reports and statements filed with the Securities and
Exchange Commission. These reports and statements are available on
the SEC's website at www.sec.gov. Copies may also be obtained from
Advanced Energy's website at www.advancedenergy.com or by
contacting Advanced Energy's investor relations at 970-407-6555.
Forward-looking statements are made and based on information
available to the company on the date of this press release. The
company assumes no obligation to update the information in this
press release.
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