7 September 2017, 11:50
Terex Corporation today announced that its Board of Directors authorized a new share repurchase program of up to $225 million. The Company completed its previous share repurchase program at the end of August 2017.
John L. Garrison, Terex President and Chief Executive Officer, stated, “During our Investor Presentation in December 2016 we committed to pursuing a disciplined capital allocation strategy that included the efficient returns of capital to shareholders through share repurchases of $1 billion to $1.5 billion through 2020. During 2017 Terex has already repurchased approximately $700 million of its shares resulting in approximately 20.7 million shares that have been repurchased year to date, bringing our shares outstanding as of today to approximately 86 million. Upon completion of today’s new $225 million share repurchase authorization Terex will have purchased almost $1 billion of its outstanding shares, close to achieving the low end of our range. Our actions throughout the year, including today’s most recent announcement, demonstrate our continued commitment to returning capital to shareholders and creating long-term shareholder value in conjunction with our Focus, Simplify and Execute To Win strategy.”
The timing of the share repurchase program will be based on available liquidity, cash flows and general market conditions. The repurchase program may be executed through various methods, including open market purchases.
Source: Terex Corporation