Forbo to Have $660 Million for Buybacks, Purchases, Chief Says
Forbo Holding AG (FORN), the Swiss maker of floor coverings and conveyor belts, said it will have 600 million Swiss francs ($660 million) available for share buybacks and acquisitions by the end of this year after selling an industrial adhesives unit.
The company has shareholder authorization to repurchase as much as 10 percent of outstanding stock, worth about 160 million francs at current market prices, Chief Executive Officer This Schneider said in an interview at Forbo’s annual results conference in Zurich.
Forbo sold the adhesive unit to HB Fuller Co. (FUL) on March 5 for 370 million francs.
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