The AZEK Company Announces $50 Million Accelerated Share Repurchase Program
14 Agosto 2024 - 6:30AM
Business Wire
The AZEK Company Inc. (NYSE: AZEK) (“AZEK” or the “Company”),
the industry-leading manufacturer of beautiful, low-maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK® Trim and
StruXure® pergolas, today announced it has entered into an
accelerated share repurchase agreement (“ASR”) with JPMorgan Chase
Bank, National Association (“JPMorgan”) to repurchase $50 million
of the Company’s Class A common stock.
The Company is funding the share repurchases under the ASR with
cash on hand. Under the terms of the ASR, the Company will receive
an initial delivery of approximately 1.0 million shares of Class A
common stock from JPMorgan, with the final settlement scheduled to
occur no later than November, 2024. The final number of shares to
be repurchased under the ASR will be based generally on the average
of AZEK’s daily volume-weighted average price per share of Class A
common stock during a repurchase period, less a discount and
subject to adjustments pursuant to the terms and conditions of the
ASR.
At settlement, JPMorgan may be required to deliver additional
shares of Class A Common Stock to the Company, or the Company may
be required either to make cash payments or deliver shares of Class
A Common Stock to JPMorgan, at the Company’s election. The ASR
Agreement contains customary provisions for agreements of this
type, including provisions for adjustments to the transaction
terms, the circumstances under which the ASR Agreement may be
accelerated, extended or terminated, and various representations
and warranties made by the parties to one another.
About The AZEK® Company
The AZEK Company Inc. (NYSE: AZEK) is the industry-leading
designer and manufacturer of beautiful, low maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK® Trim, and
StruXure® pergolas. Consistently awarded and recognized as the
market leader in innovation, quality, aesthetics and
sustainability, our products are made from up to 85% recycled
material and primarily replace wood on the outside of homes,
providing a long-lasting, eco-friendly, and stylish solution to
consumers. Leveraging the talents of its approximately 2,000
employees and the strength of relationships across its value chain,
The AZEK Company is committed to accelerating the use of recycled
material in the manufacturing of its innovative products, keeping
hundreds of millions of pounds of waste and scrap out of landfills
each year, and revolutionizing the industry to create a more
sustainable future. The AZEK Company has recently been named one of
America’s Climate Leaders by USA Today, a Top Workplace by the
Chicago Tribune and U.S. News and World Report, and a winner of the
2024 Real Leaders® Impact Awards. Headquartered in Chicago,
Illinois, the company operates manufacturing and recycling
facilities in Ohio, Pennsylvania, Idaho, Georgia, Nevada, New
Jersey, Michigan, Minnesota and Texas.
Cautionary Note Regarding Forward-Looking Statements
This release contains or refers to certain forward-looking
statements within the meaning of the federal securities laws and
subject to the "safe harbor" protections thereunder.
Forward-looking statements are statements about future events and
are based on our current expectations. These forward-looking
statements may be identified by the words “believe,” “hope,”
"expect," "intend," "will," "target," “anticipate,” "goal" and
similar expressions. Projected financial information and
performance are forward-looking statements. Other forward-looking
statements may include, without limitation, statements with respect
to the Company’s liquidity outlook, share repurchase plans and the
expected completion date of the ASR. The Company bases its
forward-looking statements on information available to it on the
date of this release and undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of changed circumstances, new information, future events, or
otherwise, except as may otherwise be required by law. Actual
future events could also differ materially due to numerous factors
that involve substantial known and unknown risks and uncertainties
including, among other things, the risks and uncertainties set
forth under "Risk Factors" and elsewhere in the Company's reports
on Form 10-K, Form 10-K/A and Form 10-Q and the other risks and
uncertainties discussed in any subsequent reports that the Company
files with the Securities and Exchange Commission from time to
time. Although we have attempted to identify those material factors
that could cause actual results or events to differ from those
described in such forward-looking statements, there may be other
factors that could cause actual results or events to differ from
those anticipated, estimated or intended. Given these
uncertainties, investors are cautioned not to place undue reliance
on our forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240814665313/en/
Investor Contact: Eric Robinson 312-809-1093
ir@azekco.com
AZEK (NYSE:AZEK)
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