(Alliance News) - Vesuvius PLC on Monday said it has commenced a buyback programme of GBP50 million, running until December 2024.
The London-based molten metal flow engineering firm said the share buyback is intended to reduce its share capital, with all shares repurchased set to be cancelled.
The company added that the buyback is part of its medium-term target of achieving GBP400 million of free cash flow and to return cash to shareholders.
Vesuvius noted that it will repurchase up to 27.1 million shares for a total of up to GBP50 million.
Vesuvius shares rose 2.1% to 441.76 pence each on Monday morning in London.
The buyback will begin on Monday, it noted.
By Harvey Dorset, Alliance News reporter
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Vesuvius (VSVS)