An Oxford manufacturer, RBC Bearings Inc., has launched a $100 million share repurchase program for its stock.
The company announced the move last week following a vote by its board of directors.
RBC Bearings, which is headquartered at 102 Willenbrock Rd., makes precision bearings and components for the industrial, defense and aerospace industries. It has operations around the country and in Europe and Mexico.
Michael J. Hartnett, RBC Bearings’ chairman, president and chief executive officer, said in an announcement, “Our new stock repurchase program will enable us to offset the dilution of our incentive stock plan, which is an important element of our employee compensation program, and also demonstrates the strength of our cash generation and growth expectations.”
The company’s primary use of cash will “continue to be for driving organic growth and acquisitions that complement our aerospace, defense and industrial portfolios,” according to Hartnett.
The new program replaces the company’s former $50 million stock-repurchase initiative, which dates back to 2013. Under that program, the company bought 516,361 shares of its stock at an average price of $79.45 per share, according to the announcement.
The company said it may repurchase shares on the open market, in block trade transactions and through privately negotiated transactions. At midday on Wednesday, the company’s shares were trading on Nasdaq at $144.31 per share.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
