AUSTIN, TX / ACCESSWIRE / March 15, 2024 / Thermon Group Holdings, Inc. (NYSE:THR) ("Thermon" or the "Company"), a global leader in industrial process heating solutions, today announced that its Board of Directors (the "Board") has authorized the repurchase of up to $50 million of Thermon's outstanding shares of common stock through March 15, 2027 (the "Repurchase Program").
Bruce Thames, Thermon's President and Chief Executive Officer, commented, "Today's authorization of Thermon's inaugural Repurchase Program underscores the Board's confidence in our long-term strategy and growth trajectory, as we continue our transformative journey to becoming the world leader in industrial process heating. Our disciplined capital allocation program is a key pillar of our strategy, and this Repurchase Program is being established to offset dilution as an integral part of that framework. The strength of our balance sheet gives us significant optionality to invest organically, inorganically, as evidenced by our recent acquisition of Vapor Power, or through this Repurchase Program. The Repurchase Program will also provide the flexibility to repurchase shares opportunistically. Today's announcement reflects Thermon's commitment to effectively deploy capital to create long-term value for our stockholders."
The timing and amount of any share repurchases will be determined by the Company at its discretion based on ongoing evaluation of general market conditions, the market price of Thermon's common stock, the Company's capital needs, and other factors. Under the authorization, share repurchases may be made through a variety of methods, which may include open market or privately negotiated transactions, including accelerated repurchase transactions, block trades, or trading plans intended to comply with SEC Rule 10b5-1. The Repurchase Program does not obligate Thermon to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion.