Summary
Curtiss-Wright Corporation (CW) announced on May 17, 2019, through an 8-K filing, that its Board of Directors has authorized a significant new stock repurchase program. This program allows for the purchase of up to $200 million of the company's outstanding common stock, commencing on May 16, 2019. The repurchases can be executed through various methods, including Rule 10b5-1 trading plans, open market purchases, and privately negotiated transactions, offering flexibility in managing share repurchases. As a key component of this broader program, Curtiss-Wright has also adopted a specific Rule 10b5-1 trading plan valued at $50 million, which will be active from May 16, 2019, until December 31, 2019. This plan is designed to facilitate share repurchases even during periods when insider trading restrictions might otherwise prevent such activities. The adoption of these measures signals management's confidence in the company's valuation and its commitment to returning capital to shareholders.
Key Highlights
- 1Board authorized a new stock repurchase program with a maximum value of $200 million.
- 2Repurchase program commences on May 16, 2019.
- 3Company adopted a specific Rule 10b5-1 trading plan for $50 million.
- 4The Rule 10b5-1 plan will be effective from May 16, 2019, through December 31, 2019.
- 5Repurchases can be made through various methods including open market purchases and Rule 10b5-1 plans.
- 6Rule 10b5-1 plans allow repurchases during periods that might otherwise be restricted by insider trading laws.
- 7The company may enter into subsequent trading plans after the current one expires.