Ingredion Incorporated INGR
today announced that its Board of Directors has authorized a new stock
repurchase program permitting the purchase of up to 4 million of its
outstanding common shares, effective on December 13, 2013 and expiring on
December 12, 2018. Stock repurchases may be made by the company from time to
time in the open market, in privately negotiated transactions or otherwise, at
prices that the company deems appropriate.
The company's previous stock repurchase program permitting the purchase of up
to 5 million shares was completed during the fourth quarter as the company
repurchased 2.5 million shares at an average price of $68.55. The company
bought back 880,000 shares during the third quarter of 2013 at an average
price of $62.91. For the full year, the company repurchased almost 3.4
million shares at an average cost of $67.08.
"As we became more comfortable with our cash flow for 2013 and the outlook for
cash flow in 2014, we repurchased a substantial number of shares. We continue
to see great value in appropriately buying back our shares and expect to do so
in the future to at least cover dilution created by option issuance," said
Ilene S. Gordon, Chairman and CEO.
The stock repurchase program does not obligate Ingredion to repurchase any
shares under the authorization, and the program may be suspended, discontinued
or modified at any time, for any reason and without notice.
ABOUT THE COMPANY
Ingredion Incorporated INGR is a leading global ingredients solutions
provider specializing in nature-based sweeteners, starches and nutrition
ingredients. With customers in more than 40 countries, Ingredion serves
approximately 60 diverse sectors in food, beverage, brewing, pharmaceuticals
and other industries. For more information, visit ingredion.com.
Forward-Looking Statements
This news release contains or may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The Company
intends these forward-looking statements to be covered by the safe harbor
provisions for such statements.
Forward-looking statements include, among other things, any statements
regarding the Company's prospects or future financial condition and timing of
share repurchases.
These statements can sometimes be identified by the use of forward looking
words such as "may," "will," "should," "anticipate," "believe," "plan,"
"project," "estimate," "expect," "intend," "continue," "pro forma,"
"forecast," "outlook" or other similar expressions or the negative thereof.
All statements other than statements of historical facts in this release or
referred to in this release are "forward-looking statements."
These statements are based on current expectations, but are subject to certain
inherent risks and uncertainties, many of which are difficult to predict and
are beyond our control. Although we believe our expectations reflected in
these forward-looking statements are based on reasonable assumptions,
stockholders are cautioned that no assurance can be given that our
expectations will prove correct.
Actual results and developments may differ materially from the expectations
expressed in or implied by these statements, based on various factors,
including the price per share of our common stock, the fact that management
may not fully utilize the authorized repurchase amount due to market
conditions; applicable legal requirements, the effects of global economic
conditions, including, particularly, continuation or worsening of the current
economic, currency and political conditions in South America and economic
conditions in Europe, and their impact on our sales volumes and pricing of our
products, our ability to collect our receivables from customers and our
ability to raise funds at reasonable rates; fluctuations in worldwide markets
for corn and other commodities, and the associated risks of hedging against
such fluctuations; fluctuations in the markets and prices for our co-products,
particularly corn oil; fluctuations in aggregate industry supply and market
demand; the behavior of financial markets, including foreign currency
fluctuations and fluctuations in interest and exchange rates; continued
volatility and turmoil in the capital markets; the commercial and consumer
credit environment; general political, economic, business, market and weather
conditions in the various geographic regions and countries in which we buy our
raw materials or manufacture or sell our products; future financial
performance of major industries which we serve, including, without limitation,
the food and beverage, pharmaceuticals, paper, corrugated, textile and brewing
industries; energy costs and availability, freight and shipping costs, and
changes in regulatory controls regarding quotas, tariffs, duties, taxes and
income tax rates; operating difficulties; availability of raw materials,
including tapioca and the specific varieties of corn upon which our products
are based; energy issues in Pakistan; boiler reliability; our ability to
effectively integrate and operate acquired businesses; our ability to achieve
budgets and to realize expected synergies; our ability to complete planned
maintenance and investment projects successfully and on budget; labor
disputes; genetic and biotechnology issues; changing consumption preferences
including those relating to high fructose corn syrup; increased competitive
and/or customer pressure in the corn-refining industry; and the outbreak or
continuation of serious communicable disease or hostilities including acts of
terrorism.
Our forward-looking statements speak only as of the date on which they are
made and we do not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of the statement
as a result of new information or future events or developments. If we do
update or correct one or more of these statements, investors and others should
not conclude that we will make additional updates or corrections. For a
further description of these and other risks, see "Risk Factors" included in
our Annual Report on Form 10-K for the year ended December 31, 2012 and
subsequent reports on Forms 10-Q and 8-K.
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