SEGUIN,
Texas, Oct. 31, 2024 /PRNewswire/ -- Alamo Group
Inc. (NYSE: ALG) today announced that its Board of Directors has
approved a share repurchase program under which the Company is
authorized to repurchase in the aggregate up to $50 million of its outstanding common stock.
Jeff Leonard, Alamo Group's
President and Chief Executive Officer, stated "This share
repurchase program is part of a disciplined capital allocation
strategy that demonstrates our commitment to enhancing shareholder
value. Today's announcement affirms our confidence in the
future of our business and is based on the strength of our balance
sheet and our expectations of future cash flow generation."
The extent to which the Company may repurchase shares, and the
timing of any such purchases, will depend upon market conditions
and other corporate considerations as determined by the Company's
Board and management.
About Alamo Group
Alamo Group is a leader in the design, manufacture,
distribution, and service of high-quality equipment for vegetation
management, infrastructure maintenance and other applications. Our
products include truck and tractor mounted mowing and other
vegetation maintenance equipment, street sweepers, snow removal
equipment, excavators, vacuum trucks, other industrial equipment,
agricultural implements, forestry equipment and related
after-market parts and services. The Company, founded in 1969, has
approximately 4,000 employees and operates 28 plants in
North America, Europe, Australia, and Brazil as of September
30, 2024.
Forward Looking Statements
This release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause the Company's actual results in future periods to differ
materially from forecasted results. Among those factors which could
cause actual results to differ materially are the following:
adverse economic conditions which could lead to a reduction in
overall market demand, supply chain disruptions, labor constraints,
unanticipated acquisition results, increasing costs due to
inflation, disease outbreaks, geopolitical risks, including effects
of the war in Ukraine and the
Middle East, competition, weather,
seasonality, currency-related issues, and other risk factors listed
from time to time in the Company's SEC reports. The Company does
not undertake any obligation to update the information contained
herein, which speaks only as of this date.
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SOURCE Alamo Group Inc.
