TransDigm Group Incorporated reported that its Board of Directors has authorized the repurchase of up to $100 million of the Company’s common stock. The new program replaces the repurchase program announced on October 23, 2008, under which the Company previously repurchased $15 million of common stock.
W. Nicholas Howley, Chairman and CEO of TransDigm Group Incorporated, stated, “As always, we continually seek to optimize both our capital structure and our uses of cash. In accordance with our consistent long running strategy, we anticipate that the primary and preferred use of our financial resources will continue to be the acquisition and operation of accretive, proprietary aerospace businesses with significant aftermarket content. Per our past practice and in light of recent stock market volatility, we believe an upgraded repurchase program, more consistent with our current market value, will give us the financial structure flexibility to respond when and if unique opportunities arise to acquire shares or other capital market activities are appropriate.”
