GEA Completes Share Buyback Program
GEA Group Aktiengesellschaft completed its share buyback program in the amount of up to EUR 450 million within the envisaged timeframe.
Between March 8, 2017, and February 6, 2018, a total of 12,003,304 shares were repurchased on the stock market. These repurchased shares account for 6.24 percent of the company s registered share capital. The shares were acquired at an average purchase price of EUR 37.49 EUR. Irrespective of a later date of cancellation, these repurchased shares do no longer carry the right to dividends.
"During the course of the previous years, we have utilized our net cash for the purpose of debt repayment and smaller and medium-sized acquisitions, thereby reinforcing our competitive position. In view of the strong cash position we held in early 2017, we further decided to invest up to EUR 450 million of our excess funds into our own shares over a period of one year. Now, we have managed to complete this program", said Helmut Schmale, Chief Financial Officer of GEA Group Aktiengesellschaft.
Source: GEA Group Aktiengesellschaft