EAST AURORA, N.Y.--(BUSINESS WIRE)--Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced technologies for global aerospace, defense, and other mission critical industries, announced today the Board of Directors has approved a new share repurchase program, authorizing the Company to repurchase in the aggregate up to $50 million of its outstanding common stock. This follows the completion of the $50 million share repurchase program approved by the Board in December 2017. This program has no time limit and may be discontinued at any time at the Company’s discretion.
“We have strong confidence in our long-term prospects and are committed to a capital allocation strategy that reinvests in our business and supplements our organic growth with strategic acquisitions. We also have the financial flexibility to use capital to buy our shares when market conditions present us with the opportunity,” commented Peter J. Gundermann, President and Chief Executive Officer. “This new authorization confirms our Board of Directors’ belief in the Company’s future and its commitment to shareholder value.”
Purchases by Astronics under this program will be made using a new 10b5-1 plan which the Company has adopted to facilitate the purchase of shares during periods when it may otherwise be prevented from acting due to securities laws and self-imposed blackout periods. Effective September 13, 2019, repurchases made under the plan are subject to Securities and Exchange Commission’s regulations, as well as certain price, market, volume, and timing considerations specified in the plan. Since repurchases under the plan are subject to such constraints, there is no guarantee as to the exact number of shares, if any, that will be repurchased under the plan.
About Astronics Corporation
Astronics Corporation (Nasdaq:ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, military branches, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company’s strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets. The Company routinely posts news and other important information on its website at www.astronics.com.
