Mohawk Authorizes Stock Repurchase Plan, Up to $500 Million
Chattanooga, TN, September 20, 2021--Mohawk Industries announced Friday a new share repurchase plan to buy back up to $500 million of the company's stock, reports the Chattanooga Times Free Press.
“Mohawk, the world's biggest floorcovering company with headquarters in Calhoun, Georgia, said its directors approved a plan to buy back common shares in open market transactions, block or privately negotiated transactions.
“Mohawk shares are up 29% so far this year, but the company's stock price has dropped 20.8% from the peak it reached this year in May.
"‘The number of shares to be purchased and the timing of the purchases are based on a variety of factors, including, but not limited to, the level of cash balances, credit availability, debt covenant restrictions, general business conditions, regulatory requirements, the market price of the company's stock and the availability of alternative investment opportunities,’ Mohawk said in a statement Friday.
“Mohawk said no time limit was set for completion of repurchases and the share repurchase program may be suspended or discontinued at any time.”
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