Mayville Engineering Company, Inc. Announces $21 Million Increase to Share Repurchase Authorization
October 29 2019 - 5:30PM
Business Wire
Mayville Engineering Company, Inc. (“MEC”) today announced that
the MEC’s Board of Directors has approved an increase in its share
repurchase program from $4 million to $25 million through 2021.
“This $21 million increase to the share repurchase program
demonstrates the board’s commitment to and confidence in MEC’s
ability to create long-term shareholder value,” said Robert D.
Kamphuis, Chairman, President and Chief Executive Officer of MEC.
“We will remain disciplined and opportunistic as we exercise the
repurchase authorization in the coming years to maximize the full
potential of our investment.”
Forward Looking Statements
This press release includes forward-looking statements that reflect
our plans, estimates and beliefs. Such statements involve risks and
uncertainties. Our actual results may differ materially from those
contemplated by these forward-looking statements as a result of
various factors, including those set forth in “Risk Factors” and
“Cautionary Statement Regarding Forward Looking Statements” in the
Company’s previously filed registration statement on Form S-1.
Important factors that could cause actual results or events to
differ materially from those expressed in forward-looking
statements include, but are not limited to: failure to compete
successfully in our markets; risks relating to developments in the
industries in which our customers operate; our ability to maintain
our manufacturing, engineering and technological expertise; the
loss of any of our large customers or the loss of their respective
market shares; risks related to scheduling production accurately
and maximizing efficiency; our ability to realize net sales
represented by our awarded business; our ability to successfully
identify or integrate acquisitions; risks related to entering new
markets; our ability to develop new and innovative processes and
gain customer acceptance of such processes; our ability to recruit
and retain our key executive officers, managers and trade-skilled
personnel; risks related to our information technology systems and
infrastructure; manufacturing risks, including delays and technical
problems, issues with third-party suppliers, environmental risks
and applicable statutory and regulatory requirements; political and
economic developments, including foreign trade relations and
associated tariffs; volatility in the prices or availability of raw
materials critical to our business; results of legal disputes,
including product liability, intellectual property infringement and
other claims; risks associated with our capital-intensive industry;
risks related to our treatment as an S Corporation prior to the
consummation of the initial public offering; risks related to our
employee stock ownership plan’s treatment as a tax-qualified
retirement plan; and our ability to remediate the material
weaknesses in internal control over financial reporting identified
in preparing our audited consolidated financial statements and to
subsequently maintain effective internal control over financial
reporting. This discussion should be read in conjunction with our
audited consolidated financial statements included in the Company’s
previously filed registration statement on Form S-1. Except as
required by the federal securities laws, we undertake no obligation
to update or revise any forward-looking statements after the date
on which any such statement is made, whether as a result of new
information, future events or otherwise.
About MEC
Founded in 1945, MEC is a leading U.S.-based value-added
manufacturing partner that provides a broad range of prototyping
and tooling, production fabrication, coating, assembly and
aftermarket services. Our customers operate in diverse end markets,
including heavy- and medium-duty commercial vehicle, construction,
powersports, agriculture, military and other end markets. Along
with process engineering and development services, MEC maintains an
extensive manufacturing infrastructure in 21 facilities across
eight states. These facilities make it possible to offer
conventional and CNC stamping, shearing, fiber laser cutting,
forming, drilling, tapping, grinding, tube bending, machining,
welding, assembly and logistic services. MEC also possesses a broad
range of finishing capabilities including shot blasting, e-coating,
powder coating, wet spray and military grade chemical agent
resistant coating (CARC) painting.
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Nathan Elwell Lincoln Churchill Advisors (847) 530-0249
nelwell@lincolnchurchilladvisors.com
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