ANSTERDAM, The Netherlands – Paint and wood coatings specialist AkzoNobel announced it has repurchased 196,777 of its common shares in the period from Dec. 14-18 at an average price of euro 86.57 per share. The consideration of the repurchase was euro 17.04 million, the company said.
The repurchase program, which began Dec. 7, was first announced on Oct. 21. This latest round is in addition to a previous buyback of 204,347 shares announced from Dec. 7-11. Priced at euro 88.24 per share, the consideration of that repurchase was euro 18.03 million.
Overall, the company plans to repurchase common shares up to a value of euro 300 million. This process is expected to be completed during the first half of 2021. The company said it has engaged a third part to manage the program and perform transactions on its behalf. The shares are intended to be cancelled following the repurchase.
The company said it will continue to inform the market of the progress of the program through weekly updates and at https://www.akzonobel.com/for-investors/shares/share-buyback-overview.
I’m Tom Russell and have worked at Furniture/Today since August 2003. Since then, I have covered the international side of the business from a logistics and sourcing standpoint. Since then, I also have visited several furniture trade shows and manufacturing plants in Asia, which has helped me gain perspective about the industry in that part of the world. As I continue covering the import side of the business, I look forward to building on that knowledge base through conversations with industry officials and future overseas plant tours. From time to time, I will file news and other industry perspectives online and, as always, welcome your response to these Web postings.