Celanese Boosts Share Buyback Authorization to $400M
Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today announced the company's board of directors increased its share repurchase authorization to $400 million. As of September 30, 2012, the company had $136 million remaining under its previous authorization. The authorization gives management discretion in determining the timing and conditions under which shares may be repurchased.
"This increased share repurchase authorization reflects the confidence we have in our business and its ability to generate strong cash flow today and in the future," said Mark Rohr, chairman and chief executive officer. "With this authorization, we will continue to pursue our balanced cash deployment strategy, including opportunistic share repurchases, which we expect will drive increased shareholder value."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.