GT Advanced Technologies: Share Buyback
GT Advanced Technologies Inc. announced its Board of Directors has approved an authorization to repurchase up to $100 million of the companys common stock.
In addition to the share repurchase authorization, the company also indicated that it will pay an aggregate of approximately $75 million for an accelerated repurchase of GT shares on or around November 21, 2011. The $75 million is part of the $100 million share repurchase authorization.
The company will purchase the shares under the ASR arrangement on the basis of the volume-weighted average share price of GT common stock over a valuation period. The majority of the shares repurchased under the ASR are expected to be retired during the companys fiscal 2012 third quarter ending December 31, 2011.
"We believe our shares are undervalued and that a repurchase makes good
economic sense given the solid fundamentals and outlook of our
business, said Tom Gutierrez, president and CEO. Our cash flows are
strong and we remain confident in our ability to grow and invest in our
core businesses and to continue to pursue other strategic growth
Repurchases under the remaining $25 million portion of the authorization
may be made from time to time through open market repurchases or
privately negotiated transactions, as determined by the company's
management. The repurchase authorizations do not obligate the company to
purchase any stock and may be modified, suspended, or terminated at any
time at the company's discretion.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a global provider of polysilicon
production technology and sapphire and silicon crystalline growth
systems and materials for the solar, LED and other specialty markets.
The company's products and services allow its customers to optimize
their manufacturing environments and lower their cost of ownership. For
additional information about GT Advanced Technologies, please visit www.gtat.com.
Source: GT Advanced Technologies Inc.
GT Advanced Technologies Inc.
Ryan Blair, 603-681-3869