||NEENAH, WI - Plexus Corp. (NASDAQ: PLXS) today announced that its Board of Directors has approved a new share repurchase program under which the Company is authorized to repurchase up to $30 million of its common stock during fiscal 2015.
Patrick Jermain, Vice President and CFO, commented, "As part of our annual strategy planning process, we continue to evaluate cash flows for the potential of returning cash to shareholders. The repurchase amount of $30 million for fiscal 2015 is based on our current available cash in the United States and expected free cash flow for the coming fiscal year. This repurchase program continues our disciplined approach of returning cash to shareholders and our commitment to total shareholder return. We believe that repurchasing Plexus stock at current market prices is an attractive use of our capital resources, with the opportunity to create shareholder value."
The authorized repurchases represent approximately 2% of current market capitalization. The Company expects to fund the majority of the repurchases with existing cash. Plexus does not have a specific schedule or commitment for the repurchase of these shares; however, subject to market factors, it expects to complete the authorized repurchases on a relatively consistent basis over fiscal 2015.
For further information, contact: Patrick Jermain, Vice President and CFO PH:920-725-7139 or firstname.lastname@example.org
About Plexus Corp. - The Product Realization Company
Plexus (www.plexus.com) delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer-focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment and sustaining services to deliver comprehensive end-to-end solutions for customers in the America, European and Asia-Pacific regions.
Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 140 branded product companies in the Networking/Communications, Healthcare/Life Sciences, Industrial/Commercial and Defense/Security/Aerospace market sectors.