ON Semiconductor Corp. announced that its Board of Directors authorized the repurchase of up to 30 million shares of the company’s common stock over an approximate two year period – through June 30, 2009. The company’s prior share repurchase program, which was authorized in November of 2006, has been terminated. Under the prior share repurchase program, the company repurchased over 90% or approximately 46.4 million of the 50 million shares authorized by the Board of Directors.
"Over the last six months, the company has repurchased approximately $355 million or approximately 46.4 million shares of its common stock authorized for repurchase," said Donald Colvin, ON Semiconductor Executive Vice President and CFO. "With our current strong cash position and our ongoing cash flow generating capabilities of the business, we believe we are in a position to continue executing shareholder friendly actions such as stock repurchases."
The pace of repurchase activity over the program’s two year term will depend on a number of uncertainties and factors including the company’s levels of cash generated from operations, repayments of debt, current stock prices and other factors. The company may repurchase shares from time to time on the open market or in private transactions, including structured transactions. The stock repurchase program may also be modified or discontinued at any time.
