Cabot Announces Increase in Share Repurchase Program
BOSTON, Sept. 17 -- Cabot Corporation (NYSE:CBT) today announced that at its meeting on September 14, 2007 the Board of Directors increased its existing authorization to repurchase shares of the Company's common stock by five million shares, bringing the total number of shares authorized for repurchase to ten million. In May 2007 the Board authorized the repurchase of up to five million shares of the Company's common stock. To date, the Company has repurchased approximately 4.1 million shares under this authorization, leaving approximately 5.9 million shares available for repurchase under the expanded authorization.
The timing and amount of any shares repurchased will be determined by Cabot's management based on its evaluation of market conditions and other factors. Shares will be repurchased using the Company's existing sources of liquidity and free cash flow generated in the future. As of June 30, 2007, the Company had cash and cash equivalents of approximately $229 million. The repurchase program may be suspended or discontinued at any time. All shares repurchased through this program will be retired and restored to the status of authorized but unissued shares of common stock of the Company. As of September 13, 2007, the Company had approximately 66.6 million shares of common stock outstanding.
Cabot Corporation is a global specialty chemicals and materials company headquartered in Boston, MA. Cabot's major products are carbon black, fumed silica, inkjet colorants, capacitor materials, and cesium formate drilling fluids.
FCMN Contact: susannah_robinson@cabot-corp.com
Source: Cabot Corporation
Web site: http://www.cabot-corp.com/
