Calgon Carbon Corporation (CCC) announced today that its board of directors has approved a share repurchase program for up to $100 million of the company’s outstanding stock.

The company may use its existing credit facility, cash on hand, and cash generated from operations to fund the share repurchase program. As of September 30, 2012, Calgon Carbon had availability under its U.S. revolving credit facility of approximately $118 million and cash and cash equivalents of approximately $19 million.
Randy Dearth, Calgon Carbon’s president and chief executive officer, stated, “Today’s announcement underscores the commitment of management and our board of directors to create and enhance shareholder value.”

“The initiation of the stock repurchase program follows the completion of our 2013 profit plan. Reduced capital requirements, a lower cost structure resulting from our previously announced $20 million cost improvement program, and better working capital management are expected to result in improved profitability and cash flow generation.”

“The board’s approval of the stock repurchase program clearly demonstrates its support of our short-term strategy as well as its confidence in the company’s opportunities for long-term growth from emerging markets such as disinfection byproducts, mercury removal from flue gas, and ballast water treatment.”
 



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