Vishay Precision Group, Inc. (NYSE:VPG), a leader in precision measurement sensing technologies, announced that its Board of Directors has approved a stock repurchase plan, authorizing the Company to repurchase in aggregate up to 600,000 shares of its outstanding common stock until August 11, 2023.
In commenting on the repurchase plan, Marc Zandman, VPG’s Chairman of the Board said, “This authorization reflects our commitment to maximize long-term value for our stockholders by strategically allocating our capital. We believe that our business strategy, strong balance sheet, and cash generation capability can support investments in current operations and value-adding M&A, as well as share repurchases such as the plan announced today.”
Under the plan authorized by its Board of Directors, the Company may repurchase shares in open market purchases or through privately negotiated transactions, subject to market and business conditions, legal requirements, and other factors. The Company may enter into 10b5-1 plans in accordance with U.S. Securities and Exchange Commission rules to facilitate repurchases. This stock repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be terminated or suspended at any time at the Board’s discretion.
The Company expects to fund share repurchases through cash on hand and cash generated from its operations and/or borrowings under the revolving portion of its credit facility. The Company had approximately 12.6 million shares of common stock and 1.0 million shares of Class B convertible common stock outstanding as of August 8, 2022.