MOSCOW (MRC) -- Trinseo, a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, has announced that its Board of Directors authorized the repurchase of up to USD100 million of the company’s ordinary shares, as per the company's press release.
Trinseo’s previous share repurchase program was completed in the second quarter of 2016 with the repurchase of about 752,000 shares through open market purchases.
Trinseo President and CEO, Chris Pappas stated, "This share repurchase program underscores our confidence in the Company's business portfolio and cash generation. Given the confidence in our outlook, this program represents both an effective use of our capital as well as an efficient way to return capital to our shareholders."
Under the program, shares may be repurchased periodically in open market transactions at prevailing market prices in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of Trinseo’s ordinary shares, general market and economic conditions, applicable legal requirements, and other business considerations. Repurchased shares will become treasury shares and may be utilized for general corporate purposes, including reissuance pursuant to Trinseo’s equity-based incentive plan, unless subsequently retired in whole or in part at a meeting of our shareholders. The share repurchase program does not obligate the Company to acquire any particular amount of its ordinary shares, and it may be suspended or terminated at any time in the company’s discretion.
As MRC reported earlier, in May 2016, Trinseo and its affiliate companies in Europe increased prices of all polystyrene (PS), ABS and SAN grades. Thus, the May contract and spot prices for the products listed below rose as follows:
- STYRON general purpose polystyrene grades (GPPS), STYRON and STYRON A-TECH high impact polystyrene grades (HIPS) - by EUR25 per metric ton;
- MAGNUM ABS resins - by EUR35 per metric ton;
- TYRIL SAN resins - by EUR20 per metric ton.
Trinseo is a global materials company and manufacturer of plastics, latex and rubber. TrinseoпїЅs technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately USD4.0 billion in revenue in 2015, with 18 manufacturing sites around the world, and more than 2,200 employees.