Glatfelter recently announced that its Board of Directors has authorized a share repurchase program for up to $50 million of its outstanding common stock.
The company intends to make these repurchases over the next year in accordance with applicable securities regulations. The timing and actual number of shares repurchased, if any, will depend on a variety of factors including the market price of the company’s common stock, regulatory, legal and contractual requirements, and other market factors. The program, which does not obligate the company to repurchase any particular amount of common stock, may be modified or suspended at any time at the Board’s discretion.
"Today’s action by the Board is a clear reflection of its continued confidence in Glatfelter’s strategic direction and our ability to generate consistently strong free cash flow" said Dante C. Parrini, president and chief executive officer. "While we will continue to invest selectively in growth initiatives and attractive acquisitions that meet our high standards for appropriate returns, we now have the financial flexibility necessary to seek additional value creation from share repurchases."
