JASPER, Ind. - Furniture maker Kimball International announced that the nearly $10 million it received from the sale of its Idaho facility will be used towards funding up to $25 million in share repurchases over the next 12-14 months. The Idaho plant was idled when the company consolidated production into its Indiana plants.
“We have approximately 2.3 million shares remaining under a previously approved authorization from our Board to repurchase our common stock," said Bob Schneider, Chairman and CEO. "As a reminder, we had previously disclosed our intent to repurchase shares to offset dilution from our incentive stock compensation plans. With the additional cash from the sale of our Idaho facility and our ability to generate operating cash flow, we plan to begin repurchasing up to $25 million in stock, which we believe will create further value for our share owners. With our strong balance sheet, we believe we will have sufficient capital available to complete this share repurchase plan and to continue to fund investments for future growth, including potential strategic acquisitions.”
The timing and amount of any shares repurchased will be determined by the company's management subject to market conditions, applicable legal requirements and other factors.
Kimball's furniture brands include: Kimball Office, National Office Furniture, and Kimball Hospitality.
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