Core Viewpoint - Kewaunee Scientific Corporation has amended its existing share repurchase program, allowing for the repurchase of an additional 100,000 shares of common stock, with no specified expiration date for the program [2][3]. Share Repurchase Program - The Board of Directors authorized the repurchase of up to an additional 100,000 shares under the existing program, which previously had 11,176 shares authorized for repurchase [2]. - The timing and amount of repurchases will be determined at the management's discretion based on capital needs, market price, and general market conditions [3]. - The program allows for various methods of repurchase, including open-market purchases and block trades, and can be suspended or discontinued at any time [3]. Capital Allocation Strategy - The company’s capital allocation strategy includes stock repurchases when management believes it will generate value [4]. - After reaching the maximum allowable repurchase under a prior credit agreement, the company paused repurchases to focus on acquiring Nu Aire, Inc., which was completed on November 1, 2024 [4]. - Share repurchases resumed on February 28, 2025, with the company confident in its strategic direction and market conditions [4]. Company Overview - Kewaunee Scientific Corporation, founded in 1906, is a global leader in designing, manufacturing, and installing laboratory and healthcare furniture products [5]. - The company operates manufacturing facilities in Statesville, North Carolina, and Bangalore, India, serving both domestic and international markets [5]. - The newly acquired subsidiary, Nu Aire, specializes in laboratory products such as biological safety cabinets and CO2 incubators, enhancing Kewaunee's product portfolio [6].
Kewaunee Scientific Announces Amendment to Share Repurchase Program