CTS Corporation Board of Directors Authorizes New Share Repurchase Plan

The Board of Directors of CTS has authorized a new share repurchase program allowing for the repurchase of up to $50 million of its common stock, replacing a previous program established in May 2021.

Rhea-AI Summary

The Board of Directors of CTS has authorized a new share repurchase program allowing for the repurchase of up to $50 million of its common stock, replacing a previous program established in May 2021. This move is designed to enhance shareholder value and reflects the Board's confidence in the company's financial strength and prospects. CTS specializes in sensors, actuators, and electronic components, serving markets including aerospace, industrial, medical, and transportation across North America, Europe, and Asia.

Positive

• Authorization of a new share repurchase program for up to $50 million enhances shareholder value.
• Demonstrates confidence in the company's financial health and future prospects.

Negative

• None.

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News Market Reaction – CTS

The recorded move for CTS in the trading session of this news was +4.25%.

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LISLE, Ill., Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of CTS Corporation (NYSE: CTS) approved a new share repurchase program that authorizes the company to repurchase up to $50 million of its common stock, replacing the program authorized by the Board of Directors in May 2021.

About CTS
CTS (NYSE: CTS) is a leading designer and manufacturer of products that Sense, Connect, and Move. The company manufactures sensors, actuators, and electronic components in North America, Europe, and Asia, and provides engineered products to customers in the aerospace/defense, industrial, medical, and transportation markets. For more information, visit www.ctscorp.com.

Contact
Ashish Agrawal
Vice President and Chief Financial Officer

CTS Corporation
4925 Indiana Avenue
Lisle, IL 60532
USA

Telephone: +1 (630) 577-8800
Email: ashish.agrawal@ctscorp.com

 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the new share repurchase program amount for CTS?

CTS has authorized a new share repurchase program for up to $50 million.

When was the CTS share repurchase program approved?

The share repurchase program was approved on February 9, 2023.

What was the previous buyback program amount CTS had?

The previous buyback program authorized by CTS was established in May 2021.

What markets does CTS serve?

CTS serves the aerospace, industrial, medical, and transportation markets.

How does the buyback program impact CTS's stock price?

The repurchase program is expected to support the stock price by reducing the number of shares outstanding.