8-KOther Events

CURTISS WRIGHT CORP 8-K Report, Corporate Update (Nov 18, 2021)

Filed November 18, 2021For Securities:CW

Summary

Curtiss-Wright Corporation (CW) announced the adoption of a written trading plan under Rule 10b5-1 on November 18, 2021. This plan is a component of its previously authorized $550 million share repurchase program, allowing the company to buy back its stock even during blackout periods. The initial phase of this plan focuses on repurchasing $100 million worth of shares, distributed equally over the remainder of 2021, concluding on December 31, 2021. Following the completion of this initial $100 million repurchase, Curtiss-Wright anticipates having $250 million in share repurchase authorization remaining as it enters 2022. The company has appointed a broker to execute these repurchases under the plan's defined terms and limitations. This strategic move aims to efficiently deploy capital and return value to shareholders, with future repurchase activities potentially being conducted under subsequent Rule 10b5-1 plans.

Key Highlights

  • 1Curtiss-Wright adopted a Rule 10b5-1 trading plan on November 18, 2021.
  • 2The plan facilitates share repurchases under the existing $550 million authorization.
  • 3The initial plan targets $100 million in repurchases by December 31, 2021.
  • 4Repurchases will be executed equally throughout the remainder of 2021.
  • 5A broker will manage the share repurchases according to the plan's terms.
  • 6Following this plan, $250 million in repurchase authorization is expected to remain for 2022.
  • 7Rule 10b5-1 plans allow repurchases during periods that might otherwise be restricted.

Frequently Asked Questions

A Rule 10b5-1 trading plan is a pre-arranged plan for buying or selling company stock. Curtiss-Wright adopted one to systematically repurchase its shares under its authorized repurchase program, even during periods when the company might be restricted from trading due to insider trading regulations or self-imposed blackout periods. This ensures consistent execution of its capital return strategy.

Under this specific Rule 10b5-1 trading plan, Curtiss-Wright intends to repurchase $100 million of its outstanding common stock. These purchases will be executed equally over the period from adoption (November 18, 2021) through December 31, 2021.

The company's Board of Directors authorized a total of $550 million for share repurchases. After the completion of the initial $100 million plan by December 31, 2021, Curtiss-Wright expects to have approximately $250 million of its share repurchase authorization remaining for use in 2022.

Information regarding the share repurchases executed under this plan will be disclosed in Curtiss-Wright's periodic reports, such as its Form 10-Q and Form 10-K filings with the SEC.