Curtiss-Wright to Expand 2018 Share Repurchase Program
OREANDA-NEWS. May 22, 2018. Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of Directors has authorized an additional $50 million for share repurchases in 2018, to begin immediately via a 10b5-1 program, by using cash that the Company has begun repatriating from its foreign subsidiaries. This repurchase activity will be conducted concurrently with the Company’s ongoing $50 million share repurchase program for 2018, which began in January and is being executed via an existing 10b5-1 program.
“We have begun repatriating cash from our foreign subsidiaries and I’m pleased to announce that our first action is to return $50 million in capital to our shareholders through additional share repurchases,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “As a result, this recent buyback authorization, along with our recent opportunistic share repurchases, will raise our total 2018 share repurchase activity to more than $100 million. Curtiss-Wright remains committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business, complementing our organic growth with strategic acquisitions, and returning capital to shareholders to drive long-term shareholder value.”
Earlier this month, the Company repurchased more than $12 million in shares opportunistically through a supplemental share repurchase program and has approximately $36 million remaining under the current share repurchase authorization. Since early 2014, the Company has repurchased more than 7 million shares for an aggregate purchase price of nearly $550 million.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,600 people worldwide. For more information, visit www.curtisswright.com.