VPG Announces Expanded Common Stock Repurchase Program
May 21 2015 - 6:10PM
Business Wire
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and systems, today announced that its Board of
Directors has approved an increase in the company’s previously
disclosed stock repurchase program from 500,000 to 2,000,000 shares
of the company’s common stock. As of May 20, 2015, the company has
repurchased approximately 280,000 shares of outstanding common
stock at a cost of approximately $4.0 million.
“Our share repurchase program reinforces our continued
commitment to delivering increased value to shareholders,” said
Marc Zandman, VPG’s Chairman of the Board. “At the same time, we
remain committed to maintaining a strong balance sheet and
financial position, enabling the company to invest in
growth-oriented opportunities. This action also reflects the
Board’s confidence in our long-term growth strategy and the
company’s future performance.”
Under the program authorized by its Board of Directors, the
company may repurchase shares in open market purchases or through
privately negotiated transactions, subject to market and business
conditions, legal requirements, and other factors. The company may
enter into Rule 10b5-1 plans to facilitate repurchases. This stock
repurchase program does not obligate the company to acquire any
particular amount of common stock, and it may be terminated or
suspended at any time at the company’s discretion.
VPG expects to fund share repurchases through cash on hand and
cash generated from its operations and borrowings under its
revolving credit facility. The company had approximately 12.5
million shares of common stock outstanding as of May 21, 2015.
About VPG
Vishay Precision Group, Inc. (VPG) is an internationally
recognized designer, manufacturer and marketer of: components based
on its resistive foil technology; sensors; and sensor-based systems
specializing in the growing markets of stress, force, weight,
pressure, and current measurements. VPG is a market leader of foil
technology products, providing ongoing technology innovations in
precision foil resistors and foil strain gages, which are the
foundation of the company's force sensors products and its weighing
and control systems. The product portfolio consists of a variety of
well-established brand names recognized for precision and quality
in the marketplace. To learn more, visit VPG at
www.vpgsensors.com.
Forward-Looking Statements
From time to time, information provided by us, including but not
limited to statements in this report, or other statements made by
or on our behalf, may contain “forward-looking” information within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve a number of risks, uncertainties, and
contingencies, many of which are beyond our control, which may
cause actual results, performance, or achievements to differ
materially from those anticipated.
Such statements are based on current expectations only, and are
subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, expected, estimated, or
projected. Among the factors that could cause actual results to
materially differ include: general business and economic
conditions, changes in the current pace of economic recovery,
including if such recovery stalls or does not continue as expected;
difficulties or delays in completing acquisitions and integrating
acquired companies; the inability to realize anticipated synergies
and expansion possibilities; difficulties in new product
development; changes in competition and technology in the markets
that we serve and the mix of our products required to address these
changes; changes in foreign currency exchange rates; difficulties
in implementing our ERP system and the associated impact on
manufacturing efficiencies and customer satisfaction; difficulties
in implementing our cost reduction strategies, such as
underutilization of production facilities, labor unrest or legal
challenges to our lay-off or termination plans, operation of
redundant facilities due to difficulties in transferring production
to lower-labor-cost countries; and other factors affecting our
operations, markets, products, services, and prices that are set
forth in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2014. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150521006577/en/
VPGWendy WilsonSenior Director Investor Relations and Corporate
Communications919-374-5501wendy.wilson@vpgsensors.com
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