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Belden Announces Share Repurchase Agreement
Aug 08, 2011 (04:08 PM EDT)
ST. LOUIS, Aug. 8, 2011 /PRNewswire/ -- Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission critical applications, today announced that it has entered into a prepaid variable share repurchase agreement with UBS AG to repurchase $25 million of Belden common stock. The price of the shares repurchased will be determined based on a discount to certain volume weighted average trading prices of the Company's common stock over the contract period. The shares delivered to the Company under the repurchase agreement will be held as treasury stock when delivered. The $25 million payment under the repurchase agreement will be funded with available cash and represents the initial execution of the $150 million share repurchase program announced by the Company in its second quarter earnings release.
"The Company's strong balance sheet, liquidity position and ability to generate significant free cash flow provide Belden with the opportunity to return cash to our shareholders," said John Stroup, President and Chief Executive Officer of Belden Inc. "Today's announcement further demonstrates our confidence in our ability to grow our business profitably, while returning cash to our shareholders."
St. Louis−based Belden Inc. designs, manufactures, and markets cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. It has approximately 6,900 employees, and provides value for industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, South America, Europe, and Asia, and a market presence in nearly every region of the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in the signal transmission industry. For more information, visit www.belden.com.
SOURCE Belden Inc.