Neenah Authorizes $10 Million Stock Repurchase Program
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Neenah Paper, Alpharetta, Ga., USA, this week authorized a program that would allow the company to repurchase up to $10 million of its outstanding common stock. Purchases by the company under this program would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions, and other factors. The program does not require the company to purchase any specific number of shares and may be suspended or discontinued at any time.
"This action by our board provides us with added flexibility in how we can deploy our cash when we believe our share price is undervalued," said John O'Donnell, CEO. "Our balance sheet and ability to generate cash flow remains strong, and we continue to look for ways to invest that will deliver attractive returns for our shareholders."
The stock repurchase program is expected to be funded using cash on hand or borrowings under the company's existing revolving credit facility. As of this past March 31, Neenah Paper had approximately 16 million shares of common stock outstanding.
With manufacturing operations in the U.S. and Germany, Neenah produces premium image and performance-based products, including filtration, specialized substrates used for tapes, labels, and other products, and high-end printing papers.
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