Glatfelter Approves $25 Million Increase in Share Repurchase Program
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Glatfelter, York, Pa., USA, has approved a $25 million increase to the company’s share repurchase program and extended the expiration date of the program to May 1, 2016. Under the revised program, the company may repurchase up to $50 million of its outstanding common stock of which it has used $8.7 million through April 30 of this year.
Purchases by the company will be made from time to time in accordance with applicable securities regulations, Glatfelter notes. The timing and actual number of shares repurchased, if any, will depend on a variety of factors including the market price of the company’s common stock, regulatory, legal, and contractual requirements, and other market factors. The program does not obligate the company to repurchase any particular amount of common stock and may be modified or suspended at any time at the board’s discretion.
"While we will continue to selectively invest in organic growth initiatives and attractive acquisitions, this action by the board provides the financial flexibility necessary to seek value creation from additional share repurchases and demonstrates continued confidence in Glatfelter’s strategic direction and our ability to generate consistently strong free cash flow," said Dante C. Parrini, chairman and CEO.
