WALLINGFORD, Conn. -- After a banner year, interconnect giant Amphenol Corporation (NYSE: APH) announced that its Board of Directors has authorized a stock repurchase program under which the company may repurchase up to twenty (20) million shares of its common stock during the period ending January 31, 2014.
The Board authorization permits Amphenol to repurchase its own stock from time to time through a variety of methods, including open market repurchases or in privately negotiated transactions.
The price and timing of any such purchases will depend on factors such as: levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, economic and market conditions, and stock price.
The purchases will be funded by Amphenol's available cash, free cash flow and borrowings under the company’s credit facilities. Amphenol presently has approximately 175.5 million shares of common stock outstanding.
Amphenol is one of the industry’s main producers of electronic and fiber optic connectors, as well as cabling and interconnect systems. Products are engineered and manufactured in the Americas, Europe, Asia and Africa and sold by a worldwide sales and marketing organization. Segments of the interconnect market served include: Military, Commercial Aerospace, Automotive, Broadband Communication, Industrial, Information Technology and Data Communications Equipment, Mobile Devices and Wireless Infrastructure.
The stock repurchase program may be modified, extended or terminated by the company's Board of Directors at any time. Amphenol says the program helps offset dilution from its equity compensation programs.
Diana G. Reardon, 203-265-8630
Executive Vice President and
Chief Financial Officer
Source: [Business Wire]