Buybacks: MEMC Reinstates Authorization, $550 Million Left
May 27, 2010 (FinancialWire) — MEMC Electronic Materials, Inc. (NYSE: WFR) said that its board of directors reinstated an existing share repurchase program authorization that was suspended by the board in April 2009. Around $550 million of repurchase capacity remains under this authorization.
As originally authorized, the program allows the company to purchase common stock from time to time on the open market or through privately negotiated transactions using available cash.
Tim Oliver, MEMC's CFO, said that, while investments in operations “that catalyze future period growth” offer the optimal return, the share repurchase program reauthorization, “provides an alternative for cash redeployment should investment priorities change."
Missouri-based MEMC is engaged in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC is also a developer of solar power projects and North America's largest solar energy services provider.
The firm has R&D and manufacturing facilities in the U.S., Europe and Asia.
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