Cabot Corp Board Increases Share Repurchase Authorization by 10 Million Shares
Cabot Corporation (NYSE:CBT) Board of Directors authorized the Company to repurchase up to ten million additional shares of the Company's common stock, increasing the current amount of shares available for repurchase to approximately eleven million.
"Our ‘Creating for Tomorrow' strategy is underpinned by a balanced capital allocation framework of investing for advantaged growth and returning cash to shareholders through a combination of dividends and share repurchases. The Board's actions confirm our commitment to this strategy," said Sean Keohane, president and chief executive officer. "Returning cash to our shareholders is an important component of our capital allocation framework and this authorization demonstrates our confidence in the expected earnings performance and cash flow generation of our businesses over the coming years."
The timing and amount of any shares repurchased will be determined by Cabot's management based on its evaluation of market conditions and other factors. Shares will be repurchased in the open market or in privately negotiated transactions using the Company's existing sources of liquidity and free cash flow generated in the future. All shares repurchased will be retired and restored to the status of authorized but unissued shares of common stock of the Company. This authorization has no time limit and may be suspended or discontinued at any time.
About Cabot Corporation
Cabot Corporation (NYSE:CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company's website at cabotcorp.com. The Company regularly posts important information on its website and encourages investors and potential investors to consult the Cabot website regularly.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in the press release regarding Cabot's sources of cash to fund its repurchases, and Cabot's business that are not historical facts are forward looking statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.
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