Methode Electronics’ Board Authorizes $100 Million Share Buyback Program
March 31 2021 - 4:05PM
Methode Electronics, Inc. (NYSE: MEI), a global
developer of custom engineered and application specific products
and solutions, announced today that its board of directors has
authorized a new share buyback program.
The board of directors authorized the purchase
of up to $100 million of its outstanding common stock through March
31, 2023. Such purchases may be made on the open market, in private
transactions or pursuant to purchase plans designed to comply with
Rule 10b5-1 of the Securities Exchange Act of 1934. The share
buyback program is subject to market conditions, general business
conditions, cash balances, borrowing availability and other
relevant factors. The program may be suspended or terminated at any
time. No assurance can be given as to the time period over which
the shares will be purchased or as to whether and to what extent
the share purchases will be consummated.
About Methode Electronics,
Inc.Methode Electronics, Inc. (NYSE: MEI) is a global
developer of custom engineered and application specific products
and solutions with manufacturing, design and testing facilities in
Belgium, Canada, China, Egypt, Germany, India, Italy, Lebanon,
Malta, Mexico, the Netherlands, Singapore, Switzerland, the United
Kingdom and the United States. We design, manufacture and market
devices employing electrical, electronic, LED lighting, sensor, and
radio remote control technologies. Our business is managed on a
segment basis, with those segments being Automotive, Industrial,
Interface and Medical.
Our components are found in the primary
end-markets of the aerospace, appliance, construction, consumer and
industrial equipment, communications (including information
processing and storage, networking equipment, wireless and
terrestrial voice/data systems), medical, rail, consumer
automotive, commercial vehicle, and other transportation
industries.
Forward-Looking StatementsThis
press release contains certain forward-looking statements, which
reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements are subject to the safe harbor
protection provided under the securities laws. Methode undertakes
no duty to update any forward-looking statement to conform the
statement to actual results or changes in Methode's expectations on
a quarterly basis or otherwise. The forward-looking statements in
this press release involve a number of risks and uncertainties. The
factors that could cause actual results to differ materially from
our expectations are detailed in Methode's filings with the
Securities and Exchange Commission, such as our annual and
quarterly reports. Such factors may include, without limitation,
the following: (1) impact from pandemics, such as the COVID-19
pandemic; (2) dependence on our supply chain, including
semiconductor and resin suppliers; (3) dependence on the
automotive, appliance, commercial vehicle, computer and
communications industries; (4) dependence on a small number of
large customers, including two large automotive customers; (5)
recognition of goodwill and long-lived asset impairment charges;
(6) timing and magnitude of costs associated with restructuring
activities; (7) international trade disputes resulting in tariffs
and our ability to mitigate tariffs; (8) timing, quality and cost
of new program launches; (9) ability to withstand price pressure,
including pricing reductions; (10) failure to attract and retain
qualified personnel; (11) ability to successfully market and sell
Dabir Surfaces products; (12) currency fluctuations; (13) customary
risks related to conducting global operations; (14) costs
associated with environmental, health and safety regulations; (15)
ability to withstand business interruptions; (16) ability to
successfully benefit from acquisitions and divestitures; (17)
investment in programs prior to the recognition of revenue; (18)
dependence on the availability and price of materials; (19)
judgments related to accounting for tax positions; (20) income tax
rate fluctuations; (21) adjustments to compensation expense for
performance-based awards; (22) ability to keep pace with rapid
technological changes; (23) breaches to our information technology
systems; (24) ability to avoid design or manufacturing defects;
(25) ability to compete effectively; (26) ability to protect our
intellectual property; (27) success of recent acquisitions and/or
our ability to implement and profit from new applications of the
acquired technology; (28) ability to manage our debt levels and any
restrictions thereunder; and (29) impact to interest expense from
the replacement or modification of LIBOR.
For Methode Electronics,
Inc.Robert K. CherryVice President Investor
Relationsrcherry@methode.com708-457-4030
Methode Electronics (NYSE:MEI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Methode Electronics (NYSE:MEI)
Historical Stock Chart
From Apr 2023 to Apr 2024