Fresh Del Monte to repurchase stock
Fresh Del Monte to repurchase stock
Fresh Del Monte Produce Inc. in Coral Gables, FL, announced that its board has authorized a three-year stock repurchase program of up to $300 million of the company's ordinary shares.
The timing and number of shares to be repurchased in the open market will depend on a number of factors, including market conditions and alternative investment opportunities. Repurchases are expected to be funded with the company's cash from operations and revolving credit facility.
Mohammad Abu-Ghazaleh, chairman and chief executive officer, said that the announcement "demonstrates the ongoing confidence we have in the underlying fundamentals of the company and shows our commitment to deliver long- term stockholder value. We believe that the company is undervalued at the current price levels and believe that repurchasing shares is an attractive and low-risk means to return capital to our investors."
The timing and number of shares to be repurchased in the open market will depend on a number of factors, including market conditions and alternative investment opportunities. Repurchases are expected to be funded with the company's cash from operations and revolving credit facility.
Mohammad Abu-Ghazaleh, chairman and chief executive officer, said that the announcement "demonstrates the ongoing confidence we have in the underlying fundamentals of the company and shows our commitment to deliver long- term stockholder value. We believe that the company is undervalued at the current price levels and believe that repurchasing shares is an attractive and low-risk means to return capital to our investors."