Western Digital Announces Authorization to Resume Potential Share Repurchases
November 09 2017 - 4:45PM
Business Wire
Western Digital Corporation (NASDAQ: WDC) (“Western Digital” or
the “company”) today announced an authorization to resume potential
repurchases of its common stock under a previously approved
repurchase program by its board of directors (the “board”), subject
to market conditions and compliance with applicable covenants under
the company’s financing agreements and indentures. The board had
previously authorized $5.00 billion for the repurchase of the
company’s common stock. The company had previously indicated that
it was suspending repurchases of common stock in connection with
the acquisition of SanDisk and has not conducted any repurchases
since August 2015. The remaining amount available to be purchased
under the company’s stock repurchase program as of November 9,
2017, was $2.10 billion, and the stock repurchase program is
effective until February 3, 2020.
About Western Digital
Western Digital creates environments for data to thrive. The
Company is driving the innovation needed to help customers capture,
preserve, access and transform an ever-increasing diversity of
data. Everywhere data lives, from advanced data centers to mobile
sensors to personal devices, our industry-leading solutions deliver
the possibilities of data. Western Digital® data-centric solutions
are marketed under the G-Technology™, HGST, SanDisk®, Tegile™,
Upthere™ and WD® brands. Financial and investor information is
available on the company's Investor Relations website at
investor.wdc.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements concerning potential repurchases in the
future by the company of its common stock. These forward-looking
statements are based on management's current expectations and are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements, including: uncertainties with respect
to the company's business ventures with Toshiba; volatility in
global economic conditions; business conditions and growth in the
storage ecosystem; impact of competitive products and pricing;
market acceptance and cost of commodity materials and specialized
product components; actions by competitors; unexpected advances in
competing technologies; the development and introduction of
products based on new technologies and expansion into new data
storage markets; risks associated with acquisitions, mergers and
joint ventures; difficulties or delays in manufacturing; and other
risks and uncertainties listed in the company's filings with the
Securities and Exchange Commission (the "SEC"), including the
company's Form 10-Q filed with the SEC on Nov. 7, 2017, to which
your attention is directed. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and the company undertakes no obligation to update these
forward-looking statements to reflect subsequent events or
circumstances.
Western Digital, WD, SanDisk, Tegile and Upthere are registered
trademarks or trademarks of Western Digital Corporation or its
affiliates in the U.S. and/or other countries. Other trademarks,
registered trademarks, and/or service marks, indicated or
otherwise, are the property of their respective owners. © 2017
Western Digital Corporation or its affiliates. All rights
reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20171109006656/en/
Western Digital Corp.Media Contact:Jim Pascoe,
408.717.6999jim.pascoe@wdc.comorInvestor Contact:Bob Blair,
949.672.7834robert.blair@wdc.com
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