Reading time ( words)
Plexus Corp.'s Board of Directors has approved a new share repurchase program, under which the company is authorized to repurchase up to $30 million of its common stock during fiscal 2016.
Patrick Jermain, Senior Vice President and CFO, commented, "As part of our annual strategy planning process, we evaluate projected free cash flows for the potential of returning cash to shareholders. This repurchase program is reflective of our disciplined approach of returning cash to shareholders and our commitment to maximizing total shareholder return. We believe that repurchasing Plexus stock at current market prices is an attractive use of our capital resources, with the opportunity to create shareholder value."
The authorized repurchases represent approximately 2% of current market capitalization. Plexus does not have a specific schedule or commitment for the repurchase of these shares; however, subject to market factors, it expects to complete the authorized repurchases on a relatively consistent basis over fiscal 2016.