Phoenix Mecano, a leader in industrial components, has launched a new share buyback program after completing its previous plan, which saw lower-than-expected shareholder participation. The Swiss-based company, with a workforce of about 8,000 people globally and sales reaching EUR 793 million in 2022, announced today that it will buy back shares up to a maximum value of CHF 29,606,209 on a second trading line on the SIX Swiss Exchange.
The company's initial buyback program, announced on October 26, 2023, aimed to repurchase up to CHF 15 million worth of its own shares at CHF 367 each. However, by the end of the offer period on Friday, shareholders had tendered only 1,073 shares. As a result, all tendered shares were accepted for buyback with the net price being paid out tomorrow.
The new program, managed by Zürcher Kantonalbank, will run until November 14, 2025. Phoenix Mecano's Board is planning to propose the cancellation of these repurchased shares at future Annual General Meetings as part of their strategy to reduce capital and sustain profit compression.
Phoenix Mecano has been a fixture in the Swiss stock market since 1988 and operates across various sectors including mechanical engineering and aerospace technology. The company is led by CEO Dr. Rochus Kobler and has been committed to delivering quality products and services since its founding in 1975. For further details on the company's activities and financial strategies, interested parties can reach out via phone or email provided on their official website.
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