Astronics Corporation (NASDAQ:ATRO), a supplier of advanced technologies and products to the global aerospace, defense and semiconductor industries, has announced that its board of directors has approved a new share repurchase program, authorizing Astronics to repurchase in the aggregate up to USD 50 million of its outstanding common stock, the company said.
This follows the completion of the USD 50 million share repurchase program originally approved by the Board in February 2016.
Purchases by Astronics under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques, or otherwise, as determined by Astronics´ management. The program has no time limit and may be discontinued at any time at the company´s discretion.
The purchases are expected to be funded by the company´s operating cash flows and revolving credit facility. The timing of the purchases and the number of shares repurchased will depend upon business and financial market conditions. The company is not obligated under the program to acquire any particular number of shares.
Astronics serves the world´s aerospace, defense, and semiconductor industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structure, test and additional technologies to solve complex challenges. For nearly 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. For more information on Astronics and its solutions, visit Astronics.com.