Norwalk-headquartered Terex Corp. (NYSE:TEX) announced a new share repurchase program of up to $150 million.
The company stated the new authorization is in addition to the share repurchase program announced in July 2018, under which Terex has approximately $43 million remaining. The timing of the share repurchase program will be based on available liquidity, cash flows and general market conditions.
Terex added the repurchase program may be executed through various methods, including open market purchases. The program has no termination date and could be halted any time; the program does not obligate the company to acquire any amount of common stock.
“We are pleased to expand our share repurchase program based on the strength of our balance sheet and expectations for future free cash flow generation as outlined at our recent investor day,” said Terex Chairman and CEO John L. Garrison. “The new $150 million share repurchase authorization is consistent with our disciplined capital allocation strategy and demonstrates our continued commitment to offset dilution and opportunistically return capital to shareholders.”
