Plexus Announces $50 Million Share Repurchase Program
NEENAH, WI – Plexus (NASDAQ: PLXS) announced that its Board of Directors has approved a new share repurchase program under which the Company is authorized to buy back up to $50 million of its common stock beginning upon expiration of the Company’s previous program. This most recent authorization is expected to extend through fiscal 2021.
Patrick Jermain, Executive Vice President and Chief Financial Officer, commented, “We remain committed to maximizing shareholder returns and are pleased to announce the authorization of this program. Coupled with our disciplined focus on delivering superior financial results, we believe that repurchasing Plexus stock, while considering market conditions, is an attractive use of our capital resources and provides an opportunity to enhance shareholder value.”
The authorized amount represents approximately 2% of current market capitalization. Plexus does not have a specific schedule or commitment for the repurchase of the shares; however, subject to market factors, it expects to complete the authorization on a relatively consistent basis through fiscal 2021.