CTS Corporation Board of Directors Authorizes New Share Repurchase Program and Declares a Dividend

Rhea-AI Summary

CTS Corporation (NYSE: CTS) announced the approval of a new share repurchase program, allowing for the buyback of up to $50 million of its common stock, replacing the previous program from February 2019. Additionally, the Board of Directors declared a cash dividend of $0.04 per share, with a payment date set for July 23, 2021, for shareholders on record by June 18, 2021. These moves aim to enhance shareholder value while reflecting the company's ongoing commitment to returning capital to its investors.

Positive

• New share repurchase program authorizes up to $50 million buyback, signaling management's confidence in stock value.
• Declaring a cash dividend of $0.04 per share, reinforcing commitment to returning value to shareholders.

Negative

• None.

LISLE, Ill., May 13, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of CTS Corporation (NYSE: CTS) approved a new share repurchase program that authorizes the company to repurchase up to $50 million of its common stock, replacing the program authorized by the Board of Directors in February 2019.

In addition, the Board of Directors declared a cash dividend of $0.04 per share, payable July 23, 2021, to shareholders of record at the close of business on June 18, 2021.

About CTS
CTS (NYSE: CTS) is a leading designer and manufacturer of products that Sense, Connect, and Move. The company manufactures sensors, actuators, and electronic components in North America, Europe, and Asia, and provides engineered products to customers in the aerospace/defense, industrial, medical, telecommunications/IT, and transportation markets.

For more information, visit www.ctscorp.com.

Contact
Ashish Agrawal
Vice President and Chief Financial Officer

CTS Corporation
4925 Indiana Avenue
Lisle, IL 60532
USA

Telephone: +1 (630) 577-8800
Email: ashish.agrawal@ctscorp.com

FAQ

What is the purpose of CTS's new share repurchase program?

The repurchase program aims to enhance shareholder value by allowing the company to buy back up to $50 million of its common stock.

When will CTS's cash dividend be paid?

The cash dividend of $0.04 per share will be payable on July 23, 2021, to shareholders of record as of June 18, 2021.

How much stock will CTS repurchase under the new program?

CTS Corporation will repurchase up to $50 million of its common stock under the newly authorized share repurchase program.

What was the previous share repurchase program for CTS?

The newly approved program replaces the share repurchase program that was authorized by the Board in February 2019.