Rockwood Announces New $500 Mln Stock Buyback Program

(RTTNews) - Rockwood Holdings, Inc. (ROC) said Tuesday that its Board of Directors has authorized a new share repurchase program of up to $500 million to be completed over two years.

The program is in addition to the $400 million share repurchase program recently completed in the third quarter 2013. Repurchases under the program may be made through one or more open market transactions, unsolicited or solicited privately negotiated transactions, accelerated share repurchase programs or other derivative transactions, self tender offers, or through any combination of the foregoing, or in such other manner as determined by the company.

Seifi Ghasemi, Rockwood's Chairman and Chief Executive Officer, said, "As is consistent with our guiding principle to deliver continued long term shareholder value and a disciplined approach to redeploying our excess cash on hand, we are pleased to announce this new $500 million share repurchase authorization, which in addition to our quarterly cash dividends, continues our commitment for an ongoing return of capital to shareholders."