Huttig Repurchases SharesDecember 21st, 2012 | Category: Industry News
St. Louis, Mo.-based Huttig Building Products Inc. has announced its completed repurchase of one million shares of its common stock. The shares were bought back at $1.10 per share from The Rugby Group Limited, Huttig’s largest stockholder. The repurchase was part of a private transaction with the aggregate purchase price backed with available funds.
“Throughout the entire unprecedented downturn in the housing market over the past five years, we have focused on preserving the long-term value proposition of the company, managing the integrity of the balance sheet and protecting the interests of our shareholders,” says Jon Vrabely, president and CEO of Huttig. “To that end, we have been successful in meeting our objectives without adding significant debt to the balance sheet or diluting our shareholders. We are extremely pleased that our financial performance and liquidity position have provided us the opportunity to deliver meaningful value to our shareholders through this transaction.”