The AZEK Company Announces $600 Million Share Repurchase Program
June 17 2024 - 9:00AM
Business Wire
The AZEK Company Inc. (NYSE: AZEK) (“AZEK” or the “Company”),
the industry-leading manufacturer of beautiful, low-maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK® Trim, and
StruXure® pergolas, today announced that its Board of Directors
authorized the Company to repurchase up to $600 million of the
Company’s Class A common stock in addition to the remaining
approximately $75 million available pursuant to the Company’s prior
authorization. The program allows the Company to repurchase its
shares opportunistically from time to time. Purchases may be
effected through one or more open market transactions, privately
negotiated transactions, transactions structured through investment
banking institutions, accelerated share repurchases or tender
offers, some of which may be effected through Rule 10b5-1 plans, or
a combination of the foregoing. The timing of repurchases will
depend upon several factors, including market and business
conditions, and repurchases may be discontinued at any time.
About The AZEK® Company
The AZEK Company Inc. (NYSE: AZEK) is the industry-leading
designer and manufacturer of beautiful, low maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK® Trim, and
StruXure® pergolas. Consistently awarded and recognized as the
market leader in innovation, quality, aesthetics and
sustainability, our products are made from up to 85% recycled
material and primarily replace wood on the outside of homes,
providing a long-lasting, eco-friendly, and stylish solution to
consumers. Leveraging the talents of its approximately 2,000
employees and the strength of relationships across its value chain,
The AZEK Company is committed to accelerating the use of recycled
material in the manufacturing of its innovative products, keeping
hundreds of millions of pounds of waste and scrap out of landfills
each year, and revolutionizing the industry to create a more
sustainable future. The AZEK Company has recently been named one of
America’s Climate Leaders by USA Today, a Top Workplace by the
Chicago Tribune and U.S. News and World Report, and a winner of the
2024 Real Leaders® Impact Awards. Headquartered in Chicago,
Illinois, the company operates manufacturing and recycling
facilities in Ohio, Pennsylvania, Idaho, Georgia, Nevada, New
Jersey, Michigan and Minnesota.
Cautionary Note Regarding Forward-Looking Statements
This release contains or refers to certain forward-looking
statements within the meaning of the federal securities laws and
subject to the “safe harbor” protections thereunder.
Forward-looking statements are statements about future events and
are based on our current expectations. These forward-looking
statements may be identified by the words “believe,” “hope,”
“expect,” “intend,” “will,” “target,” “anticipate,” “goal” and
similar expressions. Projected financial information and
performance are forward-looking statements. Other forward-looking
statements may include, without limitation, statements about our
expectations regarding share repurchases. The Company bases its
forward-looking statements on information available to it on the
date of this release and undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of changed circumstances, new information, future events, or
otherwise, except as may otherwise be required by law. Actual
future events could also differ materially due to numerous factors
that involve substantial known and unknown risks and uncertainties
including, among other things, the risks and uncertainties set
forth under “Risk Factors” and elsewhere in the Company’s reports
on Form 10-K and Form 10-Q and the other risks and uncertainties
discussed in any subsequent reports that the Company files with the
Securities and Exchange Commission from time to time. Although the
Company has attempted to identify those material factors that could
cause actual results or events to differ from those described in
such forward-looking statements, there may be other factors that
could cause actual results or events to differ from those
anticipated, estimated or intended. Given these uncertainties,
investors are cautioned not to place undue reliance on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240614678964/en/
Investor Contact: Eric Robinson 312-809-1093
ir@azekco.com
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