Minerals Technologies Announces New $75 Million Share Repurchase Program
Minerals Technologies Inc. (NYSE: MTX) has announced a new $75 million share repurchase program, replacing the previous $50 million program that expired on October 23, 2020.
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Rhea-AI Summary
Minerals Technologies Inc. (NYSE: MTX) has announced a new $75 million share repurchase program, replacing the previous $50 million program that expired on October 23, 2020. This initiative reflects the Board of Directors' confidence in the company's robust cash flow and business model. The program allows repurchases in the open market or private transactions subject to market conditions. CEO Douglas T. Dietrich emphasized that this balanced approach to capital deployment will benefit shareholders while supporting strategic growth initiatives.
Positive
- Authorized a $75 million share repurchase program, indicating strong confidence from the Board of Directors.
- Reflects robust cash flow generation, enhancing shareholder value.
Negative
- None.
Details
News Market Reaction – MTX
The recorded move for MTX in the trading session of this news was -1.67%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today announced that its Board of Directors has authorized a new, one-year
“The authorization for a new share repurchase program demonstrates the Board of Directors’ confidence in our business model and continued strong cash flow generation,” said Douglas T. Dietrich, Chief Executive Officer. “Our balanced approach to capital deployment, supported by a solid balance sheet, gives MTI the flexibility to return capital to shareholders while also investing in our strategic growth initiatives.”
Under the new share repurchase program, shares may be repurchased from time to time in the open market or in private transactions at the Company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements.
About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a global resource- and technology-based company that develops, produces and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer and consumer products industries. The company reported sales of
Investor Contact:
Erik Aldag, (212) 878-1831
Media Contact:
Michael Landau, (212) 878-1840
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