BROOKLYN HEIGHTS, Ohio– GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the “Company”) today announced that its Board of Directors has approved a $150 million open market stock repurchase program. During the third quarter, the Company repurchased $46 million under its previously authorized stock repurchase program. The Company is now authorized to repurchase up to $163 million in shares of the Company’s common stock, inclusive of the $13 million remaining as of the end of the third quarter of this year under its previous stock repurchase program.
“We are committed to delivering value to our stockholders through a disciplined capital allocation strategy. This includes returning capital to our stockholders while investing in our business and continuing to reduce debt to further strengthen our balance sheet,” said GrafTech’s President and CEO, David J. Rintoul.
The timing and amount of repurchases are subject to a variety of factors including market conditions, share price, liquidity, applicable legal requirements and other business objectives. The stock repurchase program does not obligate the Company to acquire any particular amount of shares of common stock, and the stock repurchase program may be suspended or discontinued at any time at the Company’s discretion. The stock repurchase program does not have an expiration date.
