Gardner Denver has authorized a new share repurchase program to acquire up to 3 million shares of its outstanding common stock, representing approximately 6 percent of the shares currently outstanding.
This program replaces a previous repurchase program announced in November 2007 under which the Company acquired 2.7 million shares authorized thereunder. The Company expects to fund its new repurchase program primarily with net cash provided by operating activities. The timing and amount of repurchases will vary based upon market conditions, corporate requirements, and other factors. All common stock acquired will be held as treasury stock and will be available for general corporate purposes.
"Our new share repurchase program illustrates Gardner Denver's confidence in our ability to continue to generate strong and reliable cash flows from operating earnings," said Barry L. Pennypacker, President and CEO of Gardner Denver. "We are committed to increasing total shareholder returns and believe our new share repurchase program will allow us to efficiently return excess cash to our shareholders while maintaining the flexibility to invest in organic growth initiatives and strategic acquisitions."
Share repurchases will be made in accordance with applicable securities laws and may be limited or discontinued at any time without prior notice. The Company's authorization allows for repurchases in the open market or in private transactions.
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