- News
15 November 2017
Nanometrics announces $50m share repurchase program
© Semiconductor Today Magazine / Juno Publishing
Nanometrics Inc of Milpitas, CA, USA (a supplier of process control metrology and inspection systems) says that its board of directors has authorized the repurchase of up to $50m of the company’s common stock.
“Nanometrics’ management team and board of directors firmly believe in our long-term growth prospects. We are also committed to efficient capital allocation, as demonstrated today with this significant stock repurchase authorization,” says chairman of the board Bruce C. Rhine. “We intend to utilize our healthy balance sheet and the ability to generate free cash flow, given our outlook for revenue growth, to repurchase up to $50m of the company’s common stock,” he adds. “We believe the company has the financial position to invest for future growth, as well as fund this stock repurchase program, which we believe will create further value for our stockholders.”
This $50m program is effective immediately. Share repurchases under this program may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate.
As of 30 September, Nanometrics had $140m in cash and cash equivalents and about 25.6 million shares outstanding.
Nanometrics’ board names Pierre-Yves Lesaicherre as president & CEO
©2006-2020
Juno Publishing and Media Solutions Ltd. All rights reserved. Semiconductor
Today and the editorial material contained within it and related media is
the copyright of Juno Publishing and Media Solutions Ltd. Reproduction in
whole or part without permission from Juno Publishing and Media Solutions
Ltd is forbidden. In most cases, permission will be granted, if the magazine
and publisher are acknowledged.