IDEX Corporation Announces New Share Repurchase Plan
IDEX Corporation announced yesterday that its Board of Directors has approved a new share repurchase program of up to $125 million of IDEX's outstanding common shares.
Chairman and Chief Executive Officer Larry Kingsley stated, "The new share repurchase program is consistent with our intention of deploying capital in a manner that benefits our shareholders. We have reviewed our capital requirements over the planning horizon and have the capability to deploy over $1 billion for acquisitions while maintaining strong capital adequacy. The primary focus of our capital deployment is for growth. IDEX continues to generate very strong free cash and we believe that repurchasing IDEX stock is a prudent use of our strong cash flow and balance sheet that, coupled with new acquisitions, will continue to maximize our shareholders' return."
Repurchases under the new program will be funded with future cash flow generation, and made from time to time in either the open market or through private transactions. The timing, volume, and nature of share repurchases will be at the discretion of management, dependent on market conditions, other priorities for cash investment, applicable securities laws, and other factors, and may be suspended or discontinued at any time.
Source: IDEX Corporation
