Board Authorizes up to $50 Million Buyback
TriMas Corporation (NASDAQ: TRS) – a diversified global manufacturer of
engineered and applied products – announced today that its Board of
Directors has authorized a share repurchase program that enables the
Company to purchase up to $50 million of its outstanding common stock.
“The board’s authorization of the repurchase program provides for
another capital allocation alternative, reflecting our commitment to
optimizing our capital structure and enhancing shareholder value,” said
Dave Wathen, TriMas president and chief executive officer. “We expect
our level of free cash flow generation to enable us to balance organic
growth initiatives, debt reduction, investment in selective,
value-creating acquisitions and share repurchases based on highest
expected risk-adjusted returns.”
The program is effective immediately and has no expiration date. The
shares may be repurchased from time to time in the open market or in
privately negotiated transactions. The extent to which TriMas
repurchases its shares, and the timing of such repurchases, will depend
upon a variety of factors, including market conditions, share price,
regulatory requirements, other available uses of capital and other
corporate considerations. The repurchase program may be suspended or
discontinued at any time. The program does not require the purchase of
any minimum number of shares and may be suspended, modified or
discontinued at any time without prior notice.
Notice Regarding Forward-Looking Statements
Any “forward-looking” statements contained herein, including, but not
limited to, those relating to the Company’s business, financial
condition or future results, involve risks and uncertainties, including,
but not limited to, risks and uncertainties with respect to: the
Company's leverage; liabilities imposed by the Company's debt
instruments; market demand; competitive factors; supply constraints;
material and energy costs; risks and uncertainties associated with
intangible assets, including goodwill or other intangible asset
impairment charges; technology factors; litigation; government and
regulatory actions; the Company's accounting policies; future trends;
general economic and currency conditions; various conditions specific to
the Company's business and industry; the Company’s ability to integrate
Allfast and attain the expected synergies, including that the
acquisition is accretive; the Company’s ability to attain the Financial
Improvement Plan targeted savings and free cash flow amounts; future
prospects of the Company; and other risks that are detailed in the
Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2014. These risks and uncertainties may cause actual results to
differ materially from those indicated by the forward-looking
statements. All forward-looking statements made herein are based on
information currently available, and the Company assumes no obligation
to update any forward-looking statements.
About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ:
TRS) provides engineered and applied products for growing markets
worldwide. TriMas is organized into four reportable segments: Packaging,
Aerospace, Energy and Engineered Components. TriMas has approximately
4,000 employees at more than 50 facilities in 16 countries. For more
information, visit www.trimascorp.com.
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