VPG Announces Expanded Common Stock Repurchase Program
By Business Wire News
By Business Wire News
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of precision sensors and systems, today announced that its Board of Directors has approved an increase in the company’s previously disclosed stock repurchase program from 500,000 to 2,000,000 shares of the company’s common stock. As of May 20, 2015, the company has repurchased approximately 280,000 shares of outstanding common stock at a cost of approximately $4.0 million.
“Our share repurchase program reinforces our continued commitment to delivering increased value to shareholders,” said Marc Zandman, VPG’s Chairman of the Board. “At the same time, we remain committed to maintaining a strong balance sheet and financial position, enabling the company to invest in growth-oriented opportunities. This action also reflects the Board’s confidence in our long-term growth strategy and the company’s future performance.”
Under the program authorized by its Board of Directors, the company may repurchase shares in open market purchases or through privately negotiated transactions, subject to market and business conditions, legal requirements, and other factors. The company may enter into Rule 10b5-1 plans to facilitate repurchases. This stock repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be terminated or suspended at any time at the company’s discretion.
VPG expects to fund share repurchases through cash on hand and cash generated from its operations and borrowings under its revolving credit facility. The company had approximately 12.5 million shares of common stock outstanding as of May 21, 2015.
Vishay Precision Group, Inc. (VPG) is an internationally recognized designer, manufacturer and marketer of: components based on its resistive foil technology; sensors; and sensor-based systems specializing in the growing markets of stress, force, weight, pressure, and current measurements. VPG is a market leader of foil technology products, providing ongoing technology innovations in precision foil resistors and foil strain gages, which are the foundation of the company’s force sensors products and its weighing and control systems. The product portfolio consists of a variety of well-established brand names recognized for precision and quality in the marketplace. To learn more, visit VPG at www.vpgsensors.com.
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Senior Director Investor Relations and Corporate Communications