StandardAero, Inc. (NYSE: SARO) shares enjoyed a slight gain Wednesday. The company, a leading independent pure-play provider of aerospace engine aftermarket services including engine maintenance, repair and overhaul (MRO) and engine component repair, today announced its Board of Directors has authorized a stock repurchase program, effective immediately.
The stock repurchase program authorizes the Company to repurchase up to $450 million of StandardAero’s common stock, subject to market conditions, contractual restrictions and other factors.
“As we continue to mature as a public company, implementing a stock repurchase program gives us another tool to allocate capital toward accretive investments that enhance long-term stockholder value,” said CEO Russell Ford.
“We are strengthening our position as a global leader in aerospace services, and while our top priority remains investing in growth opportunities and our facilities, technology, and capabilities to best serve our customers, we believe dedicating a portion of capital to a stock buyback program is prudent. This decision reflects our confidence in the future of our business and our ability to capitalize on market dislocations when they arise.”
Repurchases under the program may be made in the open market, in privately negotiated transactions, or other means, with the amount and timing of repurchases depending on market conditions and corporate needs.
SARO shares opened Wednesday up nine cents to $26.93.
