MINNEAPOLIS--(BUSINESS WIRE)--
Directors of Tennant Company (NYSE: TNC) today authorized a new share
repurchase program of up to one million shares of the company's common
stock. This is in addition to approximately 185,000 shares remaining
under its current repurchase program. Share repurchases under these
programs may be made through open market and privately negotiated
transactions from time to time and in amounts that management deems
appropriate. The timing of share repurchases will depend upon market
conditions and other corporate considerations. Tennant has approximately
18,300,000 shares outstanding.
Commenting on the new authorization, Chris Killingstad, Tennant
Company's president and chief executive officer, said, "Our share
repurchase program supports the company's commitment to enhance
shareholder value by providing the financial flexibility to offset any
dilutive effect of stock-based compensation programs and to consider
repurchases to create value based on overall market conditions. Further,
this new authorization reflects the board's confidence in our business
and the strength of our capital position."
Company Profile
Minneapolis-based
Tennant Company (NYSE: TNC) is a world leader in designing,
manufacturing and marketing solutions that empower customers to achieve
quality cleaning performance, significantly reduce their environmental
impact and help create a cleaner, safer, healthier world. Its products
include equipment for maintaining surfaces in industrial, commercial and
outdoor environments; chemical-free and other sustainable cleaning
technologies; and coatings for protecting, repairing and upgrading
surfaces. Tennant's global field service network is the most extensive
in the industry. Tennant has manufacturing operations in Minneapolis,
Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands; the
United Kingdom; São Paulo, Brazil; and Shanghai, China; and sells
products directly in 15 countries and through distributors in more than
80 countries. For more information, visit www.tennantco.com.
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Source: Tennant Company