RBC Bearings Announces $100 Million Share Repurchase Program
“Our new stock repurchase program will enable us to offset the dilution of our incentive stock plan, which is an important element of our employee compensation program, and also demonstrates the strength of our cash generation and growth expectations.”
“Our primary use of cash will continue to be for driving organic growth and acquisitions that complement our aerospace, defense and industrial portfolios,” said Dr. Michael J. Hartnett, Chairman, President and Chief Executive Officer. “Our new stock repurchase program will enable us to offset the dilution of our incentive stock plan, which is an important element of our employee compensation program, and also demonstrates the strength of our cash generation and growth expectations.”
Under the new program, the Company may repurchase shares from time to time on the open market, in block trade transactions, or through privately negotiated transactions, in compliance with SEC Rule 10b-18, depending on market conditions, alternative uses of capital, and other relevant factors. Purchases may be commenced, suspended, or discontinued at any time without prior notice.
The new program terminates the Company’s $50.0 million stock repurchase program that was implemented in 2013. Under the old program the Company repurchased 516,361 shares of its stock at an average price of $79.45 per share.
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