MYR Group Inc. Announces New $50 Million Share Repurchase Program
ROLLING MEADOWS, Ill., Oct. 23, 2020 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR” or the “Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the
electric utility infrastructure, commercial and industrial construction markets in the United States and western Canada, today announced its new share repurchase program (“Repurchase Program”). The
Repurchase Program authorizes the Company to repurchase, in the aggregate, up to $50.0 million of its outstanding shares of common stock from time to time on the open market or in privately
negotiated transactions in accordance with applicable federal securities laws. The Repurchase Program will expire in one year, or when the authorized funds are exhausted, whichever is earlier. The
Company intends to fund the Repurchase Program with cash on hand and through borrowings under its credit facility. The Repurchase Program was authorized by the Board of Directors (the “Board”) on
October 22, 2020, and will be effective November 2, 2020.
Rick Swartz, MYR’s President and CEO, said, “We are committed to driving value for all MYR shareholders and directing capital to investments that generate strong returns. Today’s announcement reflects the Board’s confidence in the Company’s long-term strategy and our belief that MYR’s stock represents an attractive long-term investment opportunity.” Mr. Swartz continued, “MYR has a strong balance sheet that enables us to support our core business, while at the same time, capitalize on internal and external growth opportunities. We will continue to be disciplined with respect to the allocation of capital, and we are confident that we are taking the right steps to grow the Company and create greater shareholder value.”
MYR is a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets throughout the United States and western Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the United States and western Canada. For more information, visit myrgroup.com.
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