American Woodmark announces $50M stock repurchase program
American Woodmark announced that on November 30 the Board of Directors authorized an additional stock repurchase program of up to $50M of the Company's outstanding common shares. This authorization is in addition to the $15M remaining from the November 2014 authorization and $1.5M remaining from the November 2015 authorization. Management expects to fund share repurchases using available cash and cash generated from operations. The company also announced that it will be building a new corporate headquarters in Winchester, Virginia. The new space will consolidate employees that currently occupy four buildings in Winchester, Virginia and Frederick County, Virginia, in early 2018. The new building will be self-funded for approximately $30M.