Supplier of products to global aerospace, defense, consumer electronics and semiconductor industries Astronics Corp.'s board of directors has approved a share repurchase program, authorizing Astronics to repurchase in the aggregate up to $50 million of its outstanding common stock. Purchases by Astronics under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block-purchase techniques or otherwise, as determined by Astronics’ management. The program has no time limit and may be discontinued at any time at the company’s discretion.
The purchases are expected to be funded by the company's operating cash flows and revolving credit facility. The timing of the purchases and the number of shares repurchased will depend upon business and financial market conditions. The company is not obligated under the program to acquire any particular number of shares.