MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and systems, based on its resistive foil technology,
today announced that its Board of Directors has approved a stock
repurchase plan, authorizing the Company to repurchase in the aggregate
up to 500,000 shares of its outstanding common stock.
In commenting on the repurchase plan, Marc Zandman, VPG’s Chairman of
the Board said, “We are confident in our long-term growth strategy and
believe our strong balance sheet provides ample cash to finance this
program, continue our investments in current operations and pursue our
acquisition strategy.”
Under the program authorized by its Board of Directors, the Company may
repurchase shares in open market purchases or through privately
negotiated transactions, subject to market and business conditions,
legal requirements, and other factors. The Company may enter into Rule
10b5-1 plans to facilitate repurchases. This stock repurchase program
does not obligate the Company to acquire any particular amount of common
stock, and it may be terminated or suspended at any time at the
Company’s discretion.
The Company expects to fund share repurchases through cash on hand and
cash generated from its operations and borrowings under its revolving
credit facility. The Company had approximately 12.7 million shares of
common stock outstanding as of September 23, 2014.
About VPG
Vishay Precision Group, Inc. (VPG) is an internationally recognized
designer, manufacturer and marketer of: components based on its
resistive foil technology; sensors; and sensor-based systems
specializing in the growing markets of stress, force, weight, pressure,
and current measurements. VPG is a market leader of Foil Technology
Products, providing ongoing technology innovations in precision foil
resistors and foil strain gages, which are the foundation of the
company's Force Sensors products and its Weighing and Control Systems.
The product portfolio consists of a variety of well-established brand
names recognized for precision and quality in the marketplace. To learn
more, visit VPG at www.vpgsensors.com.
Forward-Looking Statements
From time to time, information provided by us, including but not limited
to statements in this report, or other statements made by or on our
behalf, may contain “forward-looking” information within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks, uncertainties, and contingencies, many of
which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from those anticipated.
Such statements are based on current expectations only, and are subject
to certain risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, expected, estimated, or projected. Among the factors
that could cause actual results to materially differ include: general
business and economic conditions, changes in the current pace of
economic recovery, including if such recovery stalls or does not
continue as expected; difficulties or delays in completing acquisitions
and integrating acquired companies, including KELK; the inability to
realize anticipated synergies and expansion possibilities, difficulties
in new product development; changes in competition and technology in the
markets that we serve and the mix of our products required to address
these changes; changes in foreign currency exchange rates; difficulties
in implementing our ERP system and the associated impact on
manufacturing efficiencies and customer satisfaction; difficulties in
implementing our cost reduction strategies such as underutilization of
production facilities, labor unrest or legal challenges to our lay-off
or termination plans, operation of redundant facilities due to
difficulties in transferring production to lower-labor-cost countries;
and other factors affecting our operations, markets, products, services,
and prices that are set forth in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2013. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
VPG
Wendy Wilson
Senior Director Investor Relations and
Corporate Communications
919-374-5501
[email protected]
Source: VPG