WINCHESTER, Va., Dec. 1, 2016 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced that on
November 30, 2016 the Board of
Directors authorized an additional stock repurchase program of up
to $50 million of the Company's
outstanding common shares. This authorization is in addition
to the $15 million remaining from the
November 2014 authorization and
$1.5 million remaining from the
November 2015 authorization.
Management expects to fund share repurchases using available cash
and cash generated from operations.
The Company also announced that it will be building a new
corporate headquarters in Winchester, Virginia. The new space will
consolidate employees that currently occupy four buildings in
Winchester, Virginia and
Frederick County, Virginia, in
early 2018. The new building will be self-funded for
approximately $30 million.
American Woodmark worked closely with The Virginia Economic
Development Partnership and with Frederick County to secure the project for
Virginia. Governor McAuliffe approved a $550,000 grant from the Commonwealth's
Opportunity Fund to assist the County with the project.
"Ensuring companies like American Woodmark Corporation, that are
central to the economic strength of a region, have the resources
and support to thrive is a top priority for my administration,"
said Governor McAuliffe. A Local Economic Development Grant
was also approved by Frederick
County for $350,000.
Cary Dunston, President and CEO
commented, "At American Woodmark, we truly believe we differentiate
ourselves in all we do based on our people and the incredible
culture we have built. As part of our 2019 Vision, we have
challenged ourselves to take our culture to the next level.
As such, I am extremely excited that we will be creating a central
corporate office, consolidating four facilities within the
Winchester area. By bringing
our employees together at one location, we will further strengthen
our interpersonal connections, drive efficiency in our day-to-day
interactions and greatly enhance our ability to move our culture
towards our vision."
American Woodmark Corporation manufactures and distributes
kitchen cabinets and vanities for the remodeling and new home
construction markets. Its products are sold on a national
basis directly to home centers, major builders and through a
network of independent distributors. The Company presently
operates nine manufacturing facilities and seven service centers
across the country.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: All forward‑looking statements made by
the Company involve material risks and uncertainties and are
subject to change based on factors that may be beyond the Company's
control. Accordingly, the Company's future performance and
financial results may differ materially from those expressed or
implied in any such forward-looking statements. Such factors
include, but are not limited to, those described in the Company's
filings with the Securities and Exchange Commission and the Annual
Report to Shareholders. The Company does not undertake to
publicly update or revise its forward looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized.
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SOURCE American Woodmark Corporation