Watts Water Technologies, Inc. (WTS) said Wednesday that its Board of Directors has authorized the repurchase of up to 2 million shares of the company's Class A Common Stock from time to time on the open market or in privately negotiated transactions.
The repurchase program will be funded using the company's available cash. As of April 1, the company had cash, cash equivalents and investment securities of about $235 million.
As of April 30, Watts Water Technologies had an aggregate of about 36.7 million shares of common stock outstanding, consisting of about 29.8 million shares of Class A Common Stock and about 6.95 million shares of Class B Common Stock.
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