Minerals Technologies Announces New $75 Million Share Repurchase Program

Rhea-AI Summary

Minerals Technologies Inc. (NYSE: MTX) has announced a new $75 million share repurchase program, replacing the previous $50 million program that expired on October 23, 2020. This initiative reflects the Board of Directors' confidence in the company's robust cash flow and business model. The program allows repurchases in the open market or private transactions subject to market conditions. CEO Douglas T. Dietrich emphasized that this balanced approach to capital deployment will benefit shareholders while supporting strategic growth initiatives.

Positive

• Authorized a $75 million share repurchase program, indicating strong confidence from the Board of Directors.
• Reflects robust cash flow generation, enhancing shareholder value.

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• None.

NEW YORK, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today announced that its Board of Directors has authorized a new, one-year $75 million share repurchase program, effective immediately. This program replaces the previous share repurchase program authorized by the Board of Directors that expired on October 23, 2020. Under the previous one-year program, MTI repurchased shares amounting to approximately $50 million.

“The authorization for a new share repurchase program demonstrates the Board of Directors’ confidence in our business model and continued strong cash flow generation,” said Douglas T. Dietrich, Chief Executive Officer. “Our balanced approach to capital deployment, supported by a solid balance sheet, gives MTI the flexibility to return capital to shareholders while also investing in our strategic growth initiatives.”

Under the new share repurchase program, shares may be repurchased from time to time in the open market or in private transactions at the Company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements.

About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a global resource- and technology-based company that develops, produces and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer and consumer products industries. The company reported sales of $1.8 billion in 2019. For further information, please visit our website at www.mineralstech.com. (MTI-G)

Investor Contact:
Erik Aldag, (212) 878-1831

Media Contact:
Michael Landau, (212) 878-1840

FAQ

What is the new share repurchase program amount for Minerals Technologies Inc. (MTX)?

Minerals Technologies Inc. has authorized a new $75 million share repurchase program.

When does the new share repurchase program for MTX take effect?

The new share repurchase program for Minerals Technologies Inc. is effective immediately.

What was the amount of the previous share repurchase program for MTX?

The previous share repurchase program authorized approximately $50 million before it expired on October 23, 2020.

What are the reasons behind the new share repurchase program for MTX?

The new share repurchase program reflects the Board's confidence in the company's business model and strong cash flow generation.

How will the share repurchase program impact MTX shareholders?

The share repurchase program is designed to enhance shareholder value through the return of capital while allowing for strategic growth investments.