Mohawk Industries announced on Friday a new share repurchase plan to buy back up to $ 500 million of the company’s stock.
Mohawk, the world’s largest flooring company headquartered in Calhoun, Ga., Said its directors approved a plan to repurchase common shares in open market transactions, transactions in block or privately traded.
Mohawk shares are up 29% so far this year, but the company’s stock price is down 20.8% from this year’s peak in May.
Mohawk and other flooring manufacturers benefited from higher sales thanks to increased spending on home construction and renovations, but carpet makers were also affected by rising raw material prices.
“The number of shares to buy and the timing of purchases are based on various factors including, but not limited to, level of cash balances, credit availability, covenants restrictions, terms and conditions. general trading, regulatory requirements, the market price of the company’s shares and the availability of alternative investment opportunities, ”Mohawk said in a statement Friday.
Mohawk stated that no time limit has been set for the completion of repurchases and that the share repurchase program may be suspended or discontinued at any time.