Gardner Denver Announces New Share Repurchase Program
Gardner Denver announced that its Board of Directors has
authorized a new share repurchase program to acquire up to 2.7 million shares of the Company’s outstanding common
stock, representing 5 percent of the Company’s outstanding shares.
This program replaces a previous program authorized in October 1998 that had approximately 0.4 million shares remaining for repurchase. The Company expects to fund the new repurchase program primarily with net cash provided by operating activities. The timing and amount of repurchases will vary based on market conditions, corporate requirements, and other factors. All common stock acquired will be held as treasury stock and will be available for general corporate purposes.
“This new share repurchase program underscores Gardner Denver’s commitment to providing a return to our shareholders,” said Ross J. Centanni, Chairman, President and CEO of Gardner Denver. “The continued execution of our strategic plan has resulted in a Company that generates strong and reliable cash flows from operating activities. This authorization allows us to efficiently return excess cash to our shareholders while maintaining the flexibility to invest in organic growth initiatives and strategic acquisitions.”
Share repurchases will be made in accordance with applicable securities laws and may be limited or discontinued at any time without prior notice. The Company’s authorization allows for repurchases in the open market or in private transactions.
About Gardner Denver
Gardner Denver, Inc., with 2006 revenues of $1.7 billion, is a leading worldwide manufacturer of reciprocating, rotary and vane compressors, liquid ring pumps and blowers for various industrial and transportation applications, pumps used in the petroleum and industrial markets, and other fluid transfer equipment serving chemical, petroleum, and food industries.
Source: Gardner Denver, Inc.