Astronics Corporation Announces $50 Million Share Repurchase Program


East Aurora, NY | February 24, 2016– Astronics Corporation (NASDAQ: ATRO), a leading supplier of products to the global aerospace, defense, consumer electronics and semiconductor industries, announced today that its Board of Directors has approved a share repurchase program, authorizing Astronics to repurchase in the aggregate up to $50 million of its outstanding common stock. Purchases by Astronics under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by Astronics’ management. The program has no time limit and may be discontinued at any time at the Company’s discretion.

Peter J. Gundermann, President and Chief Executive Officer, commented, “This share repurchase initiative reflects the company’s belief that our shares represent an attractive investment opportunity. Our goal is to implement the repurchase program while maintaining our capital allocation strategy of reinvesting in the company both internally and externally for future growth.”

The purchases are expected to be funded by the Company’s operating cash flows and revolving credit facility. The timing of the purchases and the number of shares repurchased will depend upon business and financial market conditions. The Company is not obligated under the program to acquire any particular number of shares.

Click here to download the entire release.

Comments are closed.