Masonite International Corporation’s board of directors has approved a share repurchase program in which the company aims to buy back up to $150 million of its outstanding common shares.

“We believe that Masonite’s strong balance sheet and expected cash flows will enable us to continue to invest in internal and external opportunities designed to further strengthen our business and drive long-term growth while returning value to shareholders through share repurchases” said Fred Lynch, president and CEO. “Our board of directors and management believe that the company’s shares are an attractive investment opportunity and share repurchases should now be part of our capital allocation strategy.”

Any repurchases under the program will be made in the open market, in privately negotiated transactions or otherwise, subject to market conditions, applicable legal requirements, and other relevant factors. The share repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the company’s discretion.

While the share repurchase program may take two years to complete, the timing and amount of any share repurchases will be determined by the company based on its evaluation of market conditions and other factors.

The company had approximately 30.4 million common shares outstanding as of January 3, 2016.

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