Rexnord Announces Share Repurchase Authorization

Rexnord Corporation

today announced that its Board of Directors has authorized the Company to repurchase up to $200 million of the Company's common stock. The repurchases may be made in open market purchases, privately-negotiated transactions or in such other manner deemed appropriate by management. The repurchase program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid. The Company expects the repurchase program to be funded from its operating cash flow. Todd Adams, Rexnord's President and Chief Executive Officer, said, "Our Board's share repurchase authorization reflects the Company's ongoing commitment to effectively allocate capital and create shareholder value. One specific objective of the repurchase plan is to offset dilution attributable to our stock-based compensation plans. Our strong cash flow enables us the flexibility to invest in internal and external growth opportunities, fund share repurchases, and continue to de-lever our capital structure."