The board of directors of Sirona Dental Systems has authorized the repurchase of up to $100 million of the company's common stock.
The program is effective immediately and runs through September 30, 2014. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Sirona's management and in accordance with the requirements of the Securities and Exchange Commission.
As of August 3, 2011, the number of shares outstanding of Sirona's common stock was 56,207,781.
"The initiation of the share repurchase program reflects our confidence in the business and our ongoing commitment to increase shareholder value," stated Jost Fischer, chairman and CEO, in a press release. "Given the strong growth Sirona has experienced in the first nine months of fiscal 2011, and current low net debt levels, the share buyback program represents an excellent use of the company's substantial cash flow generating capabilities."
