11 December 2017
Veeco authorizes $100m share repurchase program
Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA says that its board of directors has authorized the repurchase of up to $100m of the firm’s outstanding common stock, to be completed over the next two years.
Repurchases are expected to be made from time to time on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions, SEC regulations, and other factors. The program does not obligate Veeco to acquire any particular amount of common stock and may be modified or suspended at any time at its discretion.
The repurchases will be funded using the firm’s available cash balances and cash generated from future operations.
“The repurchase program underscores our confidence in longer-term growth prospects and our commitment to enhance shareholder value,” says chairman & CEO John R. Peeler. “We believe our strong balance sheet provides us with the flexibility to execute share repurchases while continuing to invest in R&D and other opportunities to profitably grow our business.”