ASGN Announces $250 Million Stock Repurchase Program
June 03 2019 - 8:05PM
Business Wire
ASGN Incorporated (NYSE: ASGN) announced today that its Board of
Directors approved a stock repurchase program under which the
Company may repurchase up to $250 million of its common stock over
the next two years. Under terms of the program, purchases can be
made in the open market or under a Rule 10b5-1 trading plan. This
program is effective immediately. The stock repurchase program does
not obligate the Company to acquire any particular amount of the
Company’s stock, and it may be suspended at any time at the
Company’s discretion.
Commenting on the stock repurchase program, Ted Hanson,
President and CEO of ASGN, stated, “I am pleased to announce that
we have established a $250 million share buyback program. This
action demonstrates our confidence in ASGN’s strategic plan, as
well as our commitment to a balanced capital allocation strategy,
which includes investments in our organic growth, debt repayment,
strategic acquisitions and share repurchases. The authorization
amount approximates the level of free cash flow that we have
generated over the last 12 months, and we are trending to
reduce our leverage ratio to below 2.5 times prior to the end of
the second quarter. We believe that the repurchase program is an
attractive way for us to return value to our stockholders and does
not preclude us from pursuing attractive business development
opportunities going forward.”
About ASGN
ASGN Incorporated (NYSE: ASGN) is one of the foremost
providers of IT and professional services in the technology,
creative/digital, engineering, life sciences and government
sectors. Our mission as an organization is to be the premier
provider of highly skilled human capital targeting critical STEM
skill sets that will drive the economy in the years ahead. Through
an integrated suite of professional staffing and IT
solutions, ASGN improves productivity and utilization among
leading corporate enterprises and government organizations. For
more information visit us at www.asgn.com.
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Ed PierceChief Financial Officer818-878-7900
ASGN (NYSE:ASGN)
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