SALEM, N.H., May 5, 2022 /PRNewswire/ -- Standex International Corporation (NYSE:SXI) today announced that its Board of Directors has authorized a new share repurchase program of up to $100 million of the Company's outstanding common stock. The new program will take effect on May 10, 2022. The Company's prior $100 million share repurchase program began in 2016 and had $0.6 million remaining on it at the end of third quarter fiscal 2022.
David Dunbar, President and Chief Executive Officer stated, "We are very pleased to announce Standex's new share repurchase authorization. Our portfolio of high-quality businesses continues to drive 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 position us well to execute on this program. Our approach to capital allocation remains disciplined and balanced."
Under the new share repurchase program, purchases may be made from time to time on the open market, including through 10b5-1 trading plans, or through privately negotiated transactions, block transactions, or other techniques in accordance with prevailing market conditions and the requirements of the Securities and Exchange Commission. The Board's authorization is open-ended and does not establish a timeframe for the purchases. The Company is not obligated to acquire a particular number of shares, and the program may be discontinued at any time at the Company's discretion.
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India, and China. For additional information, visit the Company's website at http://standex.com/.
SOURCE Standex International Corporation