ST. PAUL, MN -- H.B. Fuller Co. announced that its Board of Directors has authorized a share repurchase program of up to $100 million of the company's outstanding common shares and declared a regular quarterly cash dividend of $0.07 per share of common stock.
"We are pleased to announce a share repurchase program that allows us to return excess capital to our shareholders while fully maintaining our financial flexibility to invest in our business," said Jim Giertz, Senior Vice President and Chief Financial Officer. "We intend to use the program primarily to buy back shares that we issue under our stock-based incentive compensation plans."
Under the share repurchase program, the company, at management's discretion, may repurchase shares for cash on the open market from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The primary source of funding for the program is expected to be excess cash held in the United States. The program does not require the company to repurchase any specific number of shares or to complete the program on any specific timeline. The program may be modified, suspended or terminated at any time without prior notice.