17 November 2011

GT authorizes $100m share buyback

GT Advanced Technologies Inc of Merrimack, NH, USA (a provider of polysilicon production technology as well as sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets) says that its board of directors has approved an authorization to repurchase up to $100m of the firm’s common stock.

As part of the $100m share repurchase, GT says that it will pay an aggregate of about $75m for an accelerated repurchase of shares on or around 21 November.

The firm will purchase them under the accelerated share repurchase (ASR) arrangement on the basis of the volume-weighted average share price of GT common stock over a valuation period. Most of the shares repurchased under the ASR are expected to be retired during the firm’s fiscal third-quarter 2012 (ending 31 December 2011).

“We believe our shares are undervalued and that a repurchase makes good economic sense, given the solid fundamentals and outlook of our business,” says president & CEO Tom Gutierrez. “Our cash flows are strong and we remain confident in our ability to grow and invest in our core businesses and to continue to pursue other strategic growth opportunities,” he adds.

Repurchases under the remaining $25m portion of the authorization may be made from time to time through open market repurchases or privately negotiated transactions, as determined by the firm’s management. The repurchase authorizations do not obligate GT to purchase any stock and may be modified, suspended or terminated at any time at its discretion.

Tags: GT Advanced Technologies Sapphire crystallization furnaces

Visit: www.gtat.com