Synalloy announces board authorization of stock purchase program
August 31, 2015
SPARTANBURG, SC – Synalloy Corporation (Nasdaq:SYNL), a growth oriented company that engages in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks and specialty chemicals and the master distribution of seamless carbon pipe and tube, announces that its Board of Directors authorized a stock repurchase program under which up to 1,000,000 shares of its outstanding common stock may be acquired in the open market over the next 24 months at the discretion of management.
The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending upon market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be returned to the status of authorized but unissued shares of common stock or held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of August 5, 2015, the Company had 8,726,138 shares outstanding.
Craig C. Bram, President and CEO, remarked, “The Board’s approval of this program reflects our confidence in Synalloy’s future. Repurchasing stock is one means of underscoring our commitment to enhancing stockholder value.”
For more information about Synalloy Corporation, please visit our web site at www.synalloy.com.
