COLUMBIA, Md., Feb. 28, 2020 (GLOBE NEWSWIRE) -- W. R. Grace & Co. (NYSE:GRA) today announced that its Board of Directors increased its share repurchase authorization to $250 million, including approximately $83 million remaining under its previously-announced program. In the first quarter, Grace has repurchased more than $25 million of its common stock. Since February 2014, the company has repurchased approximately $1.2 billion of its common stock.
“We are confident in our long-term growth drivers and the payback on the commercial excellence and operating excellence investments we are making,” said Hudson La Force, Grace’s President and Chief Executive Officer. “This authorization demonstrates our continued commitment to increasing long-term shareholder value. Our strong balance sheet and cash flow provide the flexibility to invest in our strategic growth initiatives, pursue bolt-on acquisitions, and return capital to our shareholders while remaining committed to our target leverage ratio.”
Repurchases under the authorization may be made through a variety of methods, which could include open market transactions; negotiated block transactions; accelerated share repurchase programs; 10b5-1 plans, other transactions that may be structured through investment banking institutions or privately negotiated, or any combination of the foregoing; or in such other manner as determined by management. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of Grace shares and general market and economic conditions. The repurchase authorization does not have an expiration date and may be amended or terminated by the company’s Board of Directors at any time without notice.
About Grace
Built on talent, technology, and trust, Grace is a leading global specialty chemical company. The company’s two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. With approximately 4,000 employees, Grace operates and/or sells to customers in over 60 countries. More information about Grace is available at grace.com.
