MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), a premier distributor of Metalworking and Maintenance, Repair and Operations products and services to industrial customers throughout North America, today announced that in connection with the Company's existing 2.6 million share repurchase authorization, the Company has entered into a stock purchase agreement with the holders of the Company's Class B common stock to purchase a pro rata number of shares, such that their aggregate percentage ownership in the Company would remain substantially the same. The shares will be purchased each month at a price per share equal to the volume weighted average market price that the Company paid for shares repurchased during the previous month from Class A shareholders under its share repurchase authorization.
The Class B shareholders also have agreed to not purchase or sell any shares on the open market while the above agreement is in effect.
The timing and actual number of shares repurchased will depend on a variety of factors, including price, market conditions, and applicable legal and regulatory requirements. The Company is not obligated to repurchase any specific number of shares on the open market and purchases may be suspended or terminated at any time without prior notice.
About MSC Industrial Supply Co. MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of metalworking and maintenance, repair, and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with more than 1 million products, inventory management and other supply chain solutions, and deep expertise from over 75 years of working with customers across industries.
Our experienced team of approximately 6,500 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow.
For more information on MSC, please visit mscdirect.com.
