Modine Manufacturing (MOD) Announces $100M Share Buyback

Modine (NYSE: MO today announced that its Board of Directors has authorized a share repurchase program allowing the company to repurchase up to $100 million of the company's outstanding common stock from time to time on the open market, in privately negotiated transactions or otherwise.

The repurchase program underscores the company's confidence in its long-term strategy and commitment to delivering value to shareholders. The authorization does not require the repurchase of shares or of a specific number of shares. Decisions to repurchase shares or suspend the program will be made at the company's discretion` based on a variety of factors, including ongoing assessments of the capital needs of the business, share price, trading volumes and general market conditions.

"This share repurchase authorization reflects our confidence in the strength of our business and our commitment to delivering on our financial targets, while we work to evolve our portfolio of products to create shareholder value," said Neil D. Brinker, Modine President and Chief Executive Officer. "We believe our disciplined capital allocation methodology and 80/20 focus will allow us the flexibility to return capital to our shareholders while maintaining both a strong balance sheet and the financial flexibility to invest in organic and inorganic growth opportunities."

You May Also Be Interested In