Moog Inc. (NYSE: MOG.A) (NYSE: MOG.B) announced today that its Board of Directors has amended its previously announced share repurchase program to include an additional 5,000,000 shares.
The program, originally authorized on January 24, 2014, included the authorization to repurchase an aggregate of 4,000,000 shares of its Class A and Class B common stock at management’s discretion. Under the program, 2,726,504 shares have been purchased as of August 12, 2014. After giving effect to the increase in authority, the Company will be able to acquire an aggregate of 6,273,496 additional shares of its Class A and Class B common stock at management’s discretion.
“In January 2014 we announced a 4 million share buyback program and we plan to complete that program by the end of 2014,” said John Scannell, Chairman and CEO. “Given our continued strong cash flow we believe continuing our buyback program in 2015 is a prudent use of capital and will create further value for our shareholders. In addition to our buyback program, we will continue our R&D investments to drive organic growth and look for adjacent acquisitions which complement our organic strategy.”
The transactions will be made in accordance with rules and regulations of the U.S. Securities and Exchange Commission and other rules that govern such purchases.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at http://www.moog.com.
