Crown Holdings, Inc. Authorizes $3.0 Billion Of Share Repurchases

Rhea-AI Summary

Crown Holdings, Inc. (CCK) announced a new stock repurchase authorization of up to $3.0 billion, effective until the end of 2024. This decision reflects the company's robust balance sheet and strong cash flow from operations. The buyback program is designed to return cash to shareholders and may be executed in open markets or through private transactions. The timing and amount of repurchased shares will depend on market conditions and regulatory requirements. The prior authorization from February 2021 has been superseded.

Positive

• Authorization of up to $3.0 billion in stock buybacks, enhancing shareholder value.
• Strong balance sheet and robust cash flow, indicating financial health.

Negative

• The buyback program may be suspended or terminated at the company's discretion.

YARDLEY, Pa., Dec. 9, 2021 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that its Board of Directors authorized the repurchase of an aggregate amount of up to $3.0 billion of Company stock through the end of 2024. The new authorization, which supersedes the previous authorization announced on February 25, 2021, reflects the Company's strong balance sheet and cash from operations, allowing investment in the business and return of cash to its shareholders. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a number of factors including price, corporate and regulatory requirements and other market conditions.

Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including, without limitation, that the Company is not obligated and may not acquire any shares of common stock and the share repurchase plan may be suspended or terminated at any time at the Company's discretion. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's most recent Form 10-K Annual Report and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania. For more information, visit www.crowncork.com.

For more information, contact:
Thomas A. Kelly, Senior Vice President and Chief Financial Officer, (215) 698-5341, or
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720

 

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SOURCE Crown Holdings, Inc.

FAQ

What is the amount authorized for share repurchases by Crown Holdings?

Crown Holdings has authorized up to $3.0 billion for share repurchases through the end of 2024.

What factors will affect the timing of the stock buyback for CCK?

The timing and number of shares repurchased will depend on market conditions, share price, and regulatory requirements.

What is the purpose of Crown Holdings' stock repurchase plan?

The purpose of the stock repurchase plan is to return cash to shareholders and reflect the company's strong financial position.

When was the previous share repurchase authorization for CCK announced?

The previous share repurchase authorization was announced on February 25, 2021.