Syensqo announces €300 million share buyback program
Syensqo announces €300 million share buyback program
Brussels, Belgium – September 30, 2024 08:30 CEST
Syensqo announces today that its Board of Directors has approved a new share buyback program to return up to €300 million to shareholders, supported by the Company’s robust financial position and commitment to create shareholder value, while also maintaining a strong investment grade credit rating.
The purpose of the program is to further enhance Syensqo’s capital structure and efficiency, canceling all shares repurchased as part of the program and thereby reducing the issued share capital of the Company.
The program will be carried out under the terms and conditions approved by the Extraordinary General Shareholders’ meeting held on December 8, 2023. It will be conducted in accordance with applicable regulations, and executed by an independent intermediary under a discretionary mandate.
Subject to market conditions, the new share buyback program is expected to commence, after the completion of the existing , announced in June 2024, which covers current and future obligations under Syensqo’s current Long Term Incentive Plans for employees.
Dr Ilham Kadri, CEO of Syensqo commented: “The announcement of Syensqo’s €300 million share buyback program is a strong indication of confidence from the Board of Directors and the management team in our future performance and cash generation. In addition, we will continue to prioritize capital allocation towards organic growth projects with the most attractive returns, consistent with our mid-term plan.”
Safe harbor
This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
About Syensqo
Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates.
Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity.
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