AZZ Inc. announced the recommencement of its stock repurchase program, with $53.2 million remaining under the existing $100 million authorization. The company has also entered into a Rule 10b5-1 plan with a third-party broker to facilitate these repurchases.
The 10b5-1 plan allows AZZ to repurchase shares during periods when it might otherwise be restricted by insider trading laws. This move is part of the company's disciplined capital allocation strategy, aiming to return value to shareholders.
President and CEO Tom Ferguson stated that resuming common stock purchases under this program allows opportunistic share repurchases while maintaining the ability to fund growth initiatives and deploy other strategic capital. All repurchases will be disclosed in periodic SEC reports.
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