The board of Columbus-headquartered Hexion Holdings Corp. has authorized a share repurchase program of up to $50 million of the company’s outstanding common shares.
“While the intent is to primarily deploy excess cash flow from operations and/or any asset divestiture to reduce debt, the board has authorized the company to purchase up to $50 million of Hexion stock as opportunities arise,” Chairman, President and CEO Craig A. Rogerson said, in a statement.
The provider of thermoset resins emerged from bankruptcy protection this past summer, as creditors agreed to cancel debt in exchange for control, according to Bloomberg Law. Apollo Global Management also gave up its ownership after about 14 years.
The share repurchase program does not require the company to repurchase any specific number of shares or to complete the program on any specific timeline. Shares of common stock acquired through the repurchase program are to be held in treasury at cost.