LEXINGTON, Ky., Sept 29 –Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today announced that its board of directors authorized the Company to repurchase an additional $175 million of its common stock, bringing the total remaining authorization to $500 million.
“This expanded authorization reflects our confidence in the long-term trajectory of our business and our ability to grow free cash flow,” said Lori Flees, President and CEO of Valvoline Inc. “Performance is in line with our outlook, we are pleased with our progress toward returning to our target leverage range, and we expect to resume share repurchases following the release of our fiscal year results. Our capital allocation priorities remain clear: fund growth, maintain a healthy balance sheet, and return excess free cash flow to shareholders.”
The timing and amount of any repurchases of common stock will be solely at the discretion of the Company and is subject to general business and market conditions, as well as other factors. The authorization permits the Company to repurchase its common stock from time to time in open market or privately negotiated transactions, including accelerated share repurchase transactions and the use of Rule 10b5-1 trading plans. The authorization has no expiration date.
