Orion Engineered Carbons’ Board of Directors Authorizes New Share Repurchase Program
05 Mai 2023 - 1:00PM
Business Wire
Orion Engineered Carbons (NYSE: OEC), a global specialty
chemicals company, today announced that its Board of Directors has
approved a new share repurchase program with authorization to
management to purchase up to approximately 6.9 million of its
outstanding common stock. This new program allows for shares to be
repurchased at any time through June 2027. Combined with the
soon-to-be-completed previous share repurchase authorization to
management, the company has the potential to purchase up to 15
percent of its outstanding shares.
“We are clearly focused on leveraging our cash flow to support
investments in growth and productivity initiatives, maintain debt
within our target range and offer the potential for additional
compelling shareholder returns, including further share
repurchases. We are confident that our cash generative business
model provides the ability to accelerate the long-term earnings
power of the company,” said Corning Painter, Orion’s chief
executive officer.
The authorization allows for share repurchase from time to time
through open market purchases or public tender offers, including
through the use of trading plans intended to qualify under Rule
10b5-1 under the Securities Exchange Act of 1934, as amended, in
accordance with applicable securities laws and other
restrictions.
The timing and total amount of stock repurchases will depend
upon business, economic and market conditions, corporate and
regulatory requirements, prevailing stock prices, and other
considerations. The authorization may be suspended or discontinued
by the Board of Directors at any time. It does not obligate the
company to acquire any specific amount of common stock.
About Orion Engineered Carbons
Orion Engineered Carbons (NYSE: OEC) is a leading global
supplier of carbon black, a solid form of carbon produced as powder
or pellets. The material is made to customers’ exacting
specifications for tires, coatings, ink, batteries, plastics and
numerous other specialty, high-performance applications. Carbon
black is used to tint, colorize, provide reinforcement, conduct
electricity, increase durability, and add UV protection. Orion has
innovation centers on three continents and 15 plants worldwide,
offering the most diverse variety of production processes in the
industry. The company’s corporate lineage goes back more than 160
years to Germany, where it operates the world’s longest-running
carbon black plant. Orion is a leading innovator, applying a deep
understanding of customers’ needs to deliver sustainable solutions.
For more information, please visit www.orioncarbons.com.
Forward-Looking Statements
This document contains certain forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements of future
expectations that are based on current expectations and assumptions
and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially
from those expressed or implied in these statements. You should not
place undue reliance on forward-looking statements. Each
forward-looking statement speaks only as of the date of the
particular statement. New risk factors and uncertainties emerge
from time to time and it is not possible to predict all risk
factors and uncertainties, nor can we assess the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. We undertake no obligation to publicly update or revise
any forward-looking statement as a result of new information,
future events or other information, other than as required by
applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230505005033/en/
Wendy Wilson Head of Investor Relations Orion Engineered Carbons
Direct: +1 281-974-0155 wendy.wilson@orioncarbons.com
William Foreman Director of Corporate Communications and
Government Affairs Orion Engineered Carbons Direct: +1 832-445-3305
Mobile: +1 281-889-7833 william.foreman@orioncarbons.com
Orion (NYSE:OEC)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Orion (NYSE:OEC)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024