PARIS - French multinational corporation Saint-Gobain announced today the cancellation of 4,959,746 treasury shares, which were acquired on the market. This move has decreased the total number of shares composing the company's capital to 499 million, with the number of shares outstanding now at 497 million. This represents a reduction from 502 million shares at the end of December 2023.
The company has spent €420 million on share repurchases this year, excluding transactions related to employee shareholding. Saint-Gobain has now met its share buyback target set out in its "Grow & Impact" strategic plan for 2021-2025, reaching the goal one year ahead of the planned schedule with €2 billion in shares repurchased since 2021.
Saint-Gobain, a company recognized as a leader in sustainable and lightweight construction, creates, manufactures, and distributes materials and services for the construction and industrial sectors. The company emphasizes that its innovative solutions contribute to the sustainability and performance of public and private building renovations, light construction, and the decarbonization of construction and industry. Saint-Gobain has expressed its commitment to becoming net zero in carbon emissions by 2050.
The company reported €47.9 billion in sales for the year 2023 and employs approximately 160,000 people across 76 countries.
This reduction in share count is part of the company's financial strategy and is based on a press release statement. Saint-Gobain's actions reflect its ongoing efforts to manage its capital structure and deliver value to its shareholders.
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