Carpenter Technology Announces Up To $500 Mln Buyback - Quick Facts

(RTTNews) - Carpenter Technology Corp. (CRS) said its Board of Directors has authorized a share repurchase program of up to $500 million of its outstanding common stock over the next two years. The shares may be repurchased in the open market or in privately negotiated transactions.

William Wulfsohn, President and CEO, said, "We anticipate strong cash flow beginning later in our fiscal year 2015 as Athens-related capital spending is now largely behind us. That, combined with our working capital initiatives and our strong balance sheet, provides us with the flexibility to initiate this stock repurchase program."