BERWYN, Pa.--(BUSINESS WIRE)--
Trinseo
(NYSE: TSE), a global materials solutions provider and manufacturer of
plastics, latex binders and synthetic rubber, today announced that its
Board of Directors authorized the repurchase of up to $100 million of
the Company’s ordinary shares. Trinseo’s previous share repurchase
program was completed in the second quarter of 2016 with the repurchase
of about 752,000 shares through open market purchases.
Trinseo President and CEO, Chris Pappas stated, "This share repurchase
program underscores our confidence in the Company's business portfolio
and cash generation. Given the confidence in our outlook, this program
represents both an effective use of our capital as well as an efficient
way to return capital to our shareholders."
Under the program, shares may be repurchased periodically in open market
transactions at prevailing market prices in accordance with federal
securities laws. The actual timing, number and value of shares
repurchased under the program will be determined by management at its
discretion and will depend on a number of factors, including the market
price of Trinseo’s ordinary shares, general market and economic
conditions, applicable legal requirements, and other business
considerations. Repurchased shares will become treasury shares and may
be utilized for general corporate purposes, including reissuance
pursuant to Trinseo’s equity-based incentive plan, unless subsequently
retired in whole or in part at a meeting of our shareholders. The share
repurchase program does not obligate the Company to acquire any
particular amount of its ordinary shares, and it may be suspended or
terminated at any time in the Company’s discretion.
About Trinseo
Trinseo (NYSE: TSE) is a global materials solutions provider and
manufacturer of plastics, latex binders, and synthetic rubber. We are
focused on delivering innovative and sustainable solution to help our
customers create products that touch lives every day — products that are
intrinsic to how we live our lives — across a wide range of end-markets,
including automotive, consumer electronics, appliances, medical devices,
lighting, electrical, carpet, paper and board, building and
construction, and tires. Trinseo had approximately $4.0 billion in
revenue in 2015, with 18 manufacturing sites around the world, and more
than 2,200 employees.
Forward Looking Statements
This press release may contain “forward-looking statements” within
the meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Statements in this press
release regarding the company's intention to repurchase its ordinary
shares from time to time under its share repurchase program, the
intended use of any repurchased shares, and the source of funding are
forward-looking statements that are subject to risks and uncertainties.
There are a number of important factors that could cause actual events
to differ materially from those suggested or indicated by such
forward-looking statements. These include, among others, the market
price of the company's ordinary shares prevailing from time to time, the
nature of other investment opportunities presented to the company from
time to time, the company's cash flows from operations, general economic
conditions, and other factors identified under the caption "Risk
Factors" in the Company's Annual Report on Form 10-K filed with the
Securities and Exchange Commission for the year ended December 31, 2015,
and in our other filings with the Securities and Exchange Commission. As
a result of the foregoing considerations, you are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.
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Source: Trinseo