AMSTERDAM – Paint and wood coatings specialist AkzoNobel said it has repurchased 204,347 of its common shares between as part of a share buyback program announced in late October.
The company repurchased these shares from Dec. 7-11 at an average price of euro 88.25 per share. This is part of a plan to repurchase common shares up to a value of euro 300 million. The buyback program commenced Dec. 7.
The company has engaged a third party to manage the program and perform transactions on its behalf. It intends to complete the share buyback in the first half of 2021 and the shares will be cancelled following the repurchase.
The company said that in accordance with regulations, it will continue to inform the market of the progress of this initiative and will post weekly updates on its website.
I’m Tom Russell and have worked at Furniture/Today since August 2003. Since then, I have covered the international side of the business from a logistics and sourcing standpoint. Since then, I also have visited several furniture trade shows and manufacturing plants in Asia, which has helped me gain perspective about the industry in that part of the world. As I continue covering the import side of the business, I look forward to building on that knowledge base through conversations with industry officials and future overseas plant tours. From time to time, I will file news and other industry perspectives online and, as always, welcome your response to these Web postings.