6 February 2018
Skyworks announces new $1bn stock repurchase program
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Skyworks Solutions Inc of Woburn, MA, USA (which manufactures analog and mixed-signal semiconductors) says that its board of directors has authorized the repurchase of up to $1bn of the firm’s common stock from time to time prior to 31 January 2020, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements.
The newly authorized stock repurchase program replaces in its entirety the $500m stock repurchase program that was approved by the board on 17 January 2017 and had about $2m of repurchase authority remaining.
The timing and amount of any shares repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the firm’s stock plans and for other corporate purposes.
Skyworks currently expects to fund the repurchase program using its working capital. As of 29 December 2017, the company had cash and cash equivalents of $1.7bn.