Gates Industrial Announces $200 Million Share Repurchase Program
Gates Industrial Corporation (GTES) announced a share repurchase program, authorizing the buyback of up to $200 million of its ordinary shares. The program is valid until December 31, 2022, and repurchases will depend on market conditions and liquidity. The company aims to enhance shareholder value while maintaining flexibility in its investments. This decision reflects confidence in the company's performance and strategic future, although it does not commit to a specific acquisition amount. The program may be suspended or discontinued at the company's discretion.
- Authorization for up to $200 million share repurchase program to enhance shareholder value.
- Repurchase program reflects confidence in the company's performance.
- None.
DENVER, Nov. 17, 2021 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, today announced that its Board of Directors has authorized a share repurchase program of up to
The timing and actual number of shares repurchased will depend on a variety of factors, including price, available liquidity, general business and market conditions and alternative investment opportunities. Under the share repurchase program, repurchases can be made from time to time using a variety of methods, including but not limited to open market purchases and privately negotiated transactions, all in compliance with the rules and regulations of the Securities and Exchange Commission ("SEC") and other applicable legal requirements.
The repurchase program does not obligate the Company to acquire any specific dollar amount or number of ordinary shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.
Forward Looking Statements
This press release contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements that are not historical facts. In some cases you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Forward-looking statements are based on the Company's current expectations and actual results may differ materially. Other risks and uncertainties are more fully described in the section entitled "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 2021, as filed with the SEC, as such factors may be updated from time to time in the Company's periodic filings with the SEC. Investors are urged to consider carefully the disclosure in our filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Gates undertakes no obligation to update or supplement any forward-looking statements as a result of new information, future events or otherwise, except as required by law.
About Gates Industrial Corporation plc
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment ("first-fit") manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in 128 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.
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SOURCE Gates Industrial Corporation plc
FAQ
What is the purpose of Gates Industrial's share repurchase program?
When does the share repurchase program for GTES expire?
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Can Gates Industrial discontinue the share repurchase program?
