Masonite International Corp. has announced that its Board of Directors has approved a new share repurchase program allowing the company to repurchase up to an additional $200 million of its outstanding common shares. The new authorization, plus approximately $156 million currently available under its existing share repurchase authorization approved in August 2021, provides the company with more than $350 million available for future share repurchase activity.

As part of its ongoing commitment to drive shareholder value, Masonite International announced that its Board of Directors has authorized it to enter into an accelerated share repurchase (ASR) transaction as part of the new share repurchase program. The company intends to enter into an ASR transaction during the first quarter of 2022 for the repurchase of $100 million of its outstanding common shares.

“Today’s announcements reflect the confidence that the Board of Directors and management have in the growth potential available for Masonite under our Doors That Do MoreTM Strategy,” said Howard Heckes, president and CEO. “We view Masonite’s shares as an attractive investment opportunity. Our strong balance sheet provides us with the financial flexibility to invest simultaneously across all aspects of our capital deployment plan, including strategic growth projects, M&A and providing returns to shareholders via share repurchase programs such as this.”

Any repurchases under the new and existing 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 programs do not obligate Masonite to acquire any particular number of common shares, and they may be suspended or terminated at any time at the company’s discretion.

The timing of the repurchases and the actual amount repurchased will be determined by the company based on its evaluation of a variety of factors, including the market price of the company’s common shares, general market and economic conditions, and other factors. Repurchases under the share repurchase programs are permitted to be made under one or more Rule 10b5-1 plans, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under applicable insider trading laws.