UTEK up 6% on this news. I added at $17.50 last week
Current Market Cap: $518.11M
Ultratech Announces $100 Million Stock Repurchase Program
SAN JOSE, Calif.--(BUSINESS WIRE)-- Ultratech, Inc. (Nasdaq:UTEK) a leading supplier of lithography, laser-processing and inspection systems used to manufacture semiconductor devices and high-brightness LEDs (HB-LEDs), today announced that its Board of Directors has authorized the discretionary repurchase of up to $100 million of its outstanding common stock.
Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, "Our management team and Board of Directors have a strong conviction in our long-term growth prospects, and with our strong cash position, this stock repurchase authorization provides an avenue to return capital to investors and build shareholder value."
Any repurchases under the new authorization may be made through open market purchases, block trades, privately negotiated transactions and/or derivative transactions, subject to market conditions and Ultratech's ongoing determination that it is the best use of available cash. Ultratech expects to use cash on hand to fund any repurchases. The repurchase authorization does not obligate Ultratech to acquire any common stock.
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