MOSCOW (MRC) -- Trinseo, a specialty material solutions provider, today announced that its Board of Directors authorized a new share repurchase program of up to USD200 million of its ordinary shares, subject to certain parameters defined by the Board of Directors, said the company.
This new authorization, which expires in 18 months, follows the repurchase of the full USD200 million authorization from December 2021. All repurchases will be carried out by way of redemption in accordance with Irish law and the Company’s constitutional documents.
Frank Bozich, President and Chief Executive Officer of Trinseo, commented, "Given our history of strong cash generation and our ongoing portfolio transformation, we view this as an opportune time to authorize a new share repurchase program. This should enable us to acquire shares in an accretive fashion to drive value for shareholders while growing the business in areas of specialty materials and sustainability."
Trinseo a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainability-focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.
As per MRC, Trinseo and GMP Group plan to collaborate on a polystyrene (PS) recycling plant in the Netherlands.
The plant - with a minimum capacity of 25,000 tonnes/year and expected to start up in 2024 - will purify PS waste and deliver high-quality recycled PS pellets via a “ Super Clean recycling process,” they said in a statement. It would be built and operated by GMP.
Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's 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 $4.8 billion in net sales in 2021 and has 26 manufacturing sites and one recycling facility around the world and approximately 3,400 employees.