COLUMBUS, Ohio - Core Molding Technologies, Inc. (NYSE American: CMT), a manufacturer of engineered materials and molded structural products, has initiated a stock repurchase program, with plans to buy back up to $7.5 million of its outstanding common stock. This decision reflects the company's confidence in its financial stability and commitment to enhancing shareholder value.
The repurchase program is set to take place in the open market, following applicable securities laws. It is important to note that while the program authorizes the purchase of company stock, it does not require a specific number of shares to be acquired and can be halted or discontinued at any time at the company's discretion.
David Duvall, Core Molding's CEO, linked the repurchase program to the company's ongoing transformation plan, which began several years ago. He emphasized that the company's operational performance and strong balance sheet have afforded the flexibility to invest in both share repurchases and the growth of the company.
Core Molding Technologies operates across North America, providing a variety of manufacturing processes tailored to meet diverse customer needs in several industries, including transportation, building products, and utilities. The company's demand is influenced by economic conditions in the United States, Mexico, and Canada.
The press release also contained forward-looking statements, cautioning that these are subject to risks, uncertainties, and the potential impact of various factors, such as macroeconomic conditions, industry changes, and the ongoing effects of the COVID-19 pandemic. These statements should not be taken as guarantees of future performance, and the company does not commit to updating them over time.
This news is based on a press release statement from Core Molding Technologies, Inc. and does not include any assumptions or analysis beyond the information provided.
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