York, Pennsylvania, USA, 28 April 2011 – Glatfelter (NYSE: GLT) today announced that its board of directors has authorized a share repurchase program for up to USD 50 million of its outstanding common stock.
The company intends to make these repurchases over the next year in accordance with applicable securities regulations. The timing and actual number of shares repurchased, if any, will depend on a variety of factors, including the market price of the company’s common stock; regulatory, legal, and contractual requirements; and other market factors. The program, which does not obligate the company to repurchase any particular amount of common stock, may be modified or suspended at any time at the board’s discretion.
“Today’s action by the board is a clear reflection of its continued confidence in Glatfelter’s strategic direction and our ability to generate consistently strong free cash flow” said Dante C. Parrini, president and chief executive officer. “While we will continue to invest selectively in growth initiatives and attractive acquisitions that meet our high standards for appropriate returns, we now have the financial flexibility necessary to seek additional value creation from share repurchases.
Headquartered in York, Pennsylvania, Glatfelter is a global manufacturer of specialty papers and fiber-based engineered materials, offering more than a century of experience, technical expertise, and world-class service. U.S. operations include facilities in Spring Grove, Pennsylvania, and Chillicothe and Fremont, Ohio. International operations include facilities in Canada, Germany, France, the United Kingdom, and the Philippines; a representative office in China; and a sales and distribution office in Russia. Glatfelter’s sales approximate USD 1.5 billion annually and its common stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information may be found at www.glatfelter.com.