MILWAUKEE--(BUSINESS WIRE)--Feb. 9, 2015--
Rexnord Corporation (NYSE: RXN) today announced that its Board of
Directors has authorized the Company to repurchase up to $200 million of
the Company’s common stock. The repurchases may be made in open market
purchases, privately-negotiated transactions or in such other manner
deemed appropriate by management. The repurchase program does not
require the Company to acquire any particular amount of common stock and
does not specify the timing of purchases or the prices to be paid. The
Company expects the repurchase program to be funded from its operating
cash flow.
Todd Adams, Rexnord’s President and Chief Executive Officer, said, “Our
Board’s share repurchase authorization reflects the Company’s ongoing
commitment to effectively allocate capital and create shareholder value.
One specific objective of the repurchase plan is to offset dilution
attributable to our stock-based compensation plans. Our strong cash flow
enables us the flexibility to invest in internal and external growth
opportunities, fund share repurchases, and continue to de-lever our
capital structure.”
About Rexnord
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two
strategic platforms, Process & Motion Control and Water Management, with
approximately 7,400 employees worldwide. The Process &
Motion Control platform designs, manufactures, markets and services
specified, highly-engineered mechanical components used within complex
systems. The Water Management platform designs, procures, manufactures
and markets products that provide and enhance water quality, safety,
flow control and conservation. Additional information about the Company
can be found at www.rexnord.com.
Cautionary Statement on Forward-Looking
Statements
Information in this release may involve outlook, expectations, beliefs,
plans, intentions, strategies or other statements regarding the future,
which are forward-looking statements. These forward-looking statements
involve risks and uncertainties. All forward-looking statements included
in this release are based upon information available to Rexnord
Corporation as of the date of the release, and Rexnord Corporation
assumes no obligation to update any such forward-looking statements. The
statements in this release are not guarantees of future performance, and
actual results could differ materially from current expectations.
Numerous factors could cause or contribute to such differences. Please
refer to "Risk Factors" and "Cautionary Notice Regarding Forward-Looking
Statements" in the Company's Form 10-K for the fiscal year ended
March 31, 2014 as well as the Company's annual, quarterly and current
reports filed on Forms 10-K, 10-Q and 8-K from time to time with the
Securities and Exchange Commission for a further discussion of the
factors and risks associated with the business.
Source: Rexnord Corporation
Rexnord Corporation
Rob McCarthy, 414-643-3739
Vice President
– Investor Relations