PVF and infrastructure products distributor MRC Global announced that its Board authorized a $125 million stock repurchase, which expires Jan. 2, 2028.
Through the repurchase program, the company is authorized to buy back its outstanding common shares through various methods, such as open market transactions, block purchases, privately negotiated deals or any other means that comply with applicable federal securities laws.
“Our three-pronged capital allocation strategy consists of targeting a net debt leverage ratio of less than 1.5x, returning cash to shareholders, and investing in our company’s future growth,” MRC Global President and CEO Rob Saltiel said in a Jan. 3 news release. “Our streamlined capital structure, efficient operating model and anticipated ability to deliver consistent cash flow generation make this the right time to introduce a share repurchase program. We anticipate beginning the execution of the repurchase program in the second quarter.”
MRC said the timing, method, quantity and value of shares repurchased under the program will be determined at the management’s discretion and will depend on factors such as the company’s common stock performance, as well as general market and economic conditions.
On Dec. 17, MRC Global’s Canada-based subsidiary MRC Global ULC agreed to sell its Canada operations to Emco Corporation.
MRC will report its 4Q and full-year financial results on Feb. 11.
Related Posts
-
Emco is a Canada-based plumbing, waterworks, industrial and HVAC products distributor.
-
The PVF distributor plans to repurchase its preferred stock for around $361 million, and shared…
-
The company also announced a new board chair, effective immediately.
