Silgan board authorizes repurchase of up to additional $300M of stock
Silgan announced that its Board of Directors has authorized Silgan to repurchase up to an additional $300 million of its common stock, effective through December 31, 2021. This new authorization, together with the remaining amount from a previous authorization, results in an aggregate outstanding authorization for stock repurchases of approximately $398.8 million, a portion of which will be utilized in the tender offer commenced today. We remain committed to driving shareholder value through a combination of acquisitions, organic investments and return of capital to shareholders," commented Bob Lewis, Executive Vice President and CFO. "Given the stable cash flow generation of our business, our relatively low net debt leverage level and the continued low interest rate environment, we believe that it is appropriate at this time to return capital to shareholders in the form of a share repurchase. This return of capital will bring our net debt leverage toward the middle of our targeted range, while still allowing us to pursue other strategic initiatives," concluded Mr. Lewis.