Airgas today announced that its board of directors has approved a share repurchase plan.
Under the terms of the plan, the company is authorised to repurchase up to $150 million of its common stock over a three-year period as market conditions permit.
As of 3 November 2005, Airgas had approximately 77,000,000 shares of common stock outstanding.
Airgas chairman and CEO Peter McCausland, said: \\$quot;Our decision to initiate a share repurchase plan reflects the company's strong financial position.
\\$quot;Our business is performing well and our cash flow is very strong. As a result, we have the liquidity necessary to continue investing for growth, increase the dividend over time and repurchase shares. We're targeting $30 million to $50 million of repurchases per year, but will maintain the flexibility to respond to changing circumstances. We believe that this plan will enhance long-term value creation for Airgas shareholders.\\$quot;