Entegris, Varian pitch stock buyback programs

November 19, 2007 – Entegris Inc. and Varian Semi. Equip. Assoc. Inc. have announced multimillion-dollar stock buyback programs — one new and one amended.

Entegris has authorized its board to repurchase up to $49M of common stock in open market purchases starting Dec. 1. The company’s most recent stock repurchase program was completed in June of this year through a $250M tender offer, a program that repurchased ~29M shares and reduced outstanding common shares by 17%.

Varian, meanwhile, is revising its current stock repurchase program, raising the total funds ceiling from $600M to $700M; the company already had raised $583M to date. It’s the latest in an ongoing series of amendments to VSEA’s buyback program — in August VSEA raised the ceiling to $600M from $500M as it approached the lower number, and it has tacked on $100M to the ceiling several times since an initial extension to $200M in August 2006.


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