STANDEX ANNOUNCES NEW $100 MILLION SHARE BUYBACK AUTHORIZATION
SALEM, NH, May 5, 2022 /PRNewswire/ — Standex International Corporation (NYSE: SXI) today announced that its board of directors has authorized a new stock repurchase program of up to $100 million of the company’s outstanding common stock. The new program will come into effect on May 102022. The old society $100 million share buyback program began in 2016 and had $0.6 million remaining on it at the end of the third quarter of fiscal 2022.
David DunbarChairman and Chief Executive Officer, said: “We are very pleased to announce Standex’s new share repurchase authorization. Our portfolio of high-quality businesses continues to generate a growing number of exciting new business opportunities, reinforcing the significant opportunity to further enhance shareholder value. The company’s strong balance sheet and consistent cash flow generation positions us well to execute on this program. Our approach to capital allocation remains disciplined and balanced. »
Under the new share buyback program, purchases may be made from time to time in the open market, including through 10b5-1 trading plans, or through over-the-counter trades , block trading or other techniques in accordance with prevailing market conditions and the requirements of the Securities and Exchange Commission. The Board’s authorization is for an indefinite period and does not set a time limit for purchases. The Company is not required to acquire any particular number of shares and the program may be discontinued at any time at the discretion of the Company.
Standex international company is a multi-industry manufacturer in five major business segments: Electronics, Engraving, Scientific, Engineering Technologies and Specialty Solutions with operations in United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, Indiaand China. For more information, visit the company’s website at http://standex.com/.
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SOURCEStandex International Corporation