OKLAHOMA CITY–(BUSINESS WIRE)–LSB Industries, Inc. (“LSB” or “the Company”) (NYSE: LXU) today announced that its Board of Directors has authorized a stock repurchase program. Under the buyback program, LSB Industries may repurchase up to $50 million of its outstanding common stock during the term of the authorization.
Mark Behrman, President and CEO of LSB Industries, said: “This clearance reflects our confidence in LSB’s outlook for 2022 and beyond. The addition of the share buyback program as another capital deployment option underscores the strength of our balance sheet. We remain committed to driving shareholder value through continuous operational improvement, realizing our organic growth opportunities, potential strategic acquisitions and repurchasing our common stock.
The repurchase program allows shares to be repurchased in the open market or in private transactions and in accordance with any trading plan that may be adopted in accordance with all applicable securities laws and regulations, including Rule 10b5 -1 of the Securities Exchange Act of 1934.
Redemptions will be made at management’s discretion at prices that management considers attractive and in the best interest of LSB Industries and its shareholders. The timing and amount of shares repurchased will depend on a variety of factors, including the availability of shares, general market conditions, the stock price, other uses of capital and the financial performance of LSB. Open market purchases will be made in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal requirements.
The buyback program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of buying back shares, the availability of alternative investment opportunities, liquidity and other factors deemed appropriate. The buyback program does not oblige LSB Industries to buy a particular number of shares.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemicals for the agricultural, mining and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers, primarily in the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all its inhabitants, the Company is well positioned to play a key role in reducing global carbon emissions through the capture and sequestration, and zero-carbon ammonia strategies. Additional information about LSB is available on its website at www.lsbindustries.com.
Statements contained in this release that are not historical are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance, including the effects of the COVID-19 pandemic and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections regarding future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the anticipated results, level of activity, performance or achievements expressed or implied by forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility of our products and raw materials, as well as global and regional economic downturns, including as a result of the COVID-19 pandemic, which negatively impact demand for our end-use products; production disruptions at our manufacturing facilities; our ability to complete the preferred stock transaction on the terms disclosed or not at all; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (SEC).
In addition, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties arise from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of these forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future developments.