PHOENIX--(BUSINESS WIRE)--Nov. 10, 2017--
Avnet (NYSE: AVT),
a leading global technology distributor, announced today that its Board
of Directors approved an expansion of the company’s current share
repurchase authorization by $200 million. Avnet now has approximately
$500 million available for share repurchases when combined with prior
authorizations, and the latest authorization has no expiration date.
In addition, the Board of Directors declared a regular quarterly cash
dividend of $0.18 per share. The dividend will be paid on December 19,
2017, to shareholders of record as of the close of business on December
6, 2017.
“We remain committed to our capital allocation priorities, and the
increase to our share repurchase program combined with our quarterly
dividend will allow us to continue our consistent return of cash to
shareholders,” said William Amelio, Avnet’s Chief Executive Officer.
“Together these programs have returned over $1.7 billion to shareholders
over the past six years.”
Avnet plans to repurchase stock from time to time at the discretion of
management in open market or privately negotiated transactions or
otherwise, subject to applicable laws, regulations and approvals,
strategic considerations, market conditions and other factors. The
company may terminate or limit the stock repurchase program at any time
without prior notice.
About Avnet
From idea to design and from prototype to production, Avnet supports
customers at each stage of a product’s lifecycle. A comprehensive
portfolio of design and supply chain services makes Avnet the go-to
guide for innovators who set the pace for technological change. For
nearly a century, Avnet has helped its customers and suppliers around
the world realize the transformative possibilities of technology. Learn
more about Avnet at www.avnet.com.
Visit the Avnet Investor Relations website at www.ir.avnet.com
or contact us at investorrelations@avnet.com.
(AVT_IR)
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Source: Avnet
Avnet
Investor Relations:
Vincent Keenan, 480-643-7053
Investor
Relations
investorrelations@avnet.com
or
Media
Relations:
Maureen O’Leary, 480-643-7499
Corporate
Communications
corporate.communications@avnet.com