Minerals Technologies Announces New $75 Million Share Repurchase Program
Minerals Technologies Inc. (NYSE: MTX) has authorized a new $75 million share repurchase program following the completion of its previous equivalent initiative.
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Rhea-AI Summary
Minerals Technologies Inc. (NYSE: MTX) has authorized a new $75 million share repurchase program following the completion of its previous equivalent initiative. This move is seen as a display of the Board's confidence in the company's robust cash flow and business model, according to CEO Douglas T. Dietrich. The repurchase will be executed based on market conditions and legal requirements, giving MTX the flexibility to enhance shareholder value while continuing to invest in growth initiatives.
Positive
- Authorized a new $75 million share repurchase program.
- Demonstrates the Board's confidence in the company's cash flow and business model.
- Ability to return capital to shareholders while investing in growth.
Negative
- None.
Details
News Market Reaction – MTX
The recorded move for MTX in the trading session of this news was +1.72%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Oct. 25, 2021 (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 new share repurchase authorization demonstrates the Board of Directors’ confidence in our business model and our continued ability to generate strong cash flow,” said Douglas T. Dietrich, Chairman and Chief Executive Officer. “Our balanced approach to capital deployment, supported by our strong financial position, gives MTI the flexibility to return capital to shareholders and invest in our global growth initiatives.”
Under the new share repurchase program, shares may be repurchased from time to time in the open market, through Rule 10b5-1 trading plans, or in privately negotiated transactions at the Company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without prior notice.
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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