NEW YORK (GenomeWeb) – Bruker said today that its board of directors has authorized a new share repurchase program under which it may purchase up to $300 million of its common stock over a two-year period beginning May 14, 2019.
The company will fund the repurchases with cash on hand and funds from its existing credit facility. The authorization does not obligate Bruker to purchase any specific number of shares and may be suspended, modified, or terminated at any time, the company said.
"Bruker's ongoing margin expansion, financial health, and positive outlook for the future support the continuation of our share repurchases with a new $300 million, two-year authorization," Gerald Herman, the company's CFO, said in a statement.
The company also announced that its board has authorized payment of a quarterly cash dividend of $0.04 per share of its common stock that will first be paid on June 21, 2019 to stockholders of record as of June 3, 2019.