Minerals Technologies Announces New $75 Million Share Repurchase Program

Rhea-AI Summary

Minerals Technologies Inc. (NYSE: MTX) has authorized a new $75 million share repurchase program following the completion of its previous equivalent initiative. This move is seen as a display of the Board's confidence in the company's robust cash flow and business model, according to CEO Douglas T. Dietrich. The repurchase will be executed based on market conditions and legal requirements, giving MTX the flexibility to enhance shareholder value while continuing to invest in growth initiatives.

Positive

• Authorized a new $75 million share repurchase program.
• Demonstrates the Board's confidence in the company's cash flow and business model.
• Ability to return capital to shareholders while investing in growth.

Negative

• None.

NEW YORK, Oct. 25, 2021 (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 follows the Company’s completion of its prior one-year $75 million program.

“The new share repurchase authorization demonstrates the Board of Directors’ confidence in our business model and our continued ability to generate strong cash flow,” said Douglas T. Dietrich, Chairman and Chief Executive Officer. “Our balanced approach to capital deployment, supported by our strong financial position, gives MTI the flexibility to return capital to shareholders and invest in our global growth initiatives.”

Under the new share repurchase program, shares may be repurchased from time to time in the open market, through Rule 10b5-1 trading plans, or in privately negotiated transactions at the Company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without prior notice.

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 $1.6 billion in 2020. 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 amount of the new share repurchase program for Minerals Technologies Inc. (MTX)?

The new share repurchase program for Minerals Technologies Inc. is authorized at $75 million.

How does the new share repurchase program affect shareholders of MTX?

The new share repurchase program aims to enhance shareholder value by returning capital to them.

When was the new share repurchase program for MTX announced?

The new share repurchase program for Minerals Technologies Inc. was announced on October 25, 2021.

What is the purpose of the share repurchase program for MTX?

The share repurchase program is intended to return capital to shareholders and reflects the company's confidence in its strong cash flow.