SUNNYVALE, Calif., Sept. 2, 2015 /PRNewswire/ -- Trimble (NASDAQ:
TRMB) today announced the commencement of a $75 million accelerated share repurchase (ASR)
with JPMorgan Chase Bank, N.A.
Under the terms of the ASR agreement, Trimble has agreed to
repurchase $75 million of its common
stock with the majority of the shares to be received shortly
following the execution of the ASR transaction. The final number of
shares to be repurchased will be based on the volume-weighted
average share price of Trimble's common stock during the term of
the ASR, minus a discount. The final settlement of the transactions
under the ASR agreement is expected to take place by the end of
2015.
The ASR program is being executed as part of an authorization by
Trimble's Board of Directors to repurchase up to $400 million of the Company's common stock, which
was announced on August 13, 2015.
During 2015 thus far, Trimble has purchased or committed to
purchase through this ASR a total of $234
million of its common stock. This total includes
$84 million of open market purchases
completed under the prior authorization, which was terminated on
August 11, 2015. In addition, under
the current authorization, the Company has purchased $75 million in the open market since August 13, 2015 and has committed to an
additional $75 million through this
ASR.
After the completion of the ASR, $250
million will remain under the current share repurchase
authorization.
About Trimble
Trimble applies technology to make field and mobile workers in
businesses and government significantly more productive. Solutions
are focused on applications requiring position or
location—including surveying, construction, agriculture, fleet and
asset management, public safety and mapping. In addition to
utilizing positioning technologies, such as GPS, lasers and optics,
Trimble solutions may include software content specific to the
needs of the user. Wireless technologies are utilized to deliver
the solution to the user and to ensure a tight coupling of the
field and the back office. Founded in 1978, Trimble is
headquartered in Sunnyvale,
Calif.
For more information visit: www.trimble.com.
Certain statements made in this press release regarding
Trimble's plans to repurchase up to $400
million of its common shares, the anticipated timing of such
repurchases, the manner in which the Trimble may effect such
repurchase, and other statements that are not historical in nature
constitute forward looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, and are made pursuant to the safe harbor
provisions of the Securities Litigation Reform Act of 1995. These
statements involve risks and uncertainties, and actual events and
results may differ materially from those described in this news
release. Factors that could cause or contribute to such differences
include, but are not limited to, Trimble's available resources and
cash flows from operating activities to repurchase the shares,
changing market prices for Trimble common stock, economic trends in
the markets served by Trimble, and alternative uses of capital.
More information about potential factors which could affect
Trimble's business, financial results, and the timing and cost of
such share repurchases and plans for future share repurchases is
set forth in reports filed with the SEC, including Trimble's
quarterly reports on Form 10-Q and its annual report on Form 10K.
All forward looking statements are based on information available
to Trimble as of the date hereof, and Trimble assumes no obligation
to update such statements.
FTRMB
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SOURCE Trimble