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PORTLAND, Ore., Jan. 24, 2013 (GLOBE NEWSWIRE) -- The Board of Directors of Precision Castparts Corp. (NYSE:PCP) has approved a $750 million program to repurchase shares of PCP's common stock, effective immediately and continuing through June 30, 2015.
"This share repurchase program demonstrates our confidence in our growth and cash generation expectations," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "The program size will enable us to offset the dilution from the exercise of stock options and the operation of our employee stock purchase program, both of which are critical to our employee compensation plans. However, the primary use for our cash remains our continued pursuit of a full pipeline of strategic, value-creating acquisitions to complement our aerospace and power portfolios."
Repurchases under the Company's program will be made in open market or privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. This share repurchase plan does not obligate Precision Castparts Corp. to acquire any particular amount of common stock, and it may be suspended at any time at the Company's discretion. Precision Castparts Corp. had approximately 146.2 million shares of Common Stock outstanding as of December 30, 2012.
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components and highly engineered, critical fasteners for aerospace applications. The Company is also the leading producer of airfoil castings for the industrial gas turbine market. In addition, PCC manufactures extruded seamless pipe, fittings, forgings, and clad products for power generation and oil & gas applications; commercial and military airframe aerostructures; and metal alloys and other materials to the casting, forging, and other industries.