Calgon Carbon Announces Share Buyback of as Much as $100 Million
Calgon Carbon Corp. (CCC), a water- purification and ultraviolet technology solutions provider for municipalities and industries, announced a share buyback plan for as much as $100 million of stock.
Board approval of the repurchase program demonstrates its support “as well as its confidence in the company’s opportunities for long-term growth from emerging markets such as disinfection byproducts, mercury removal from flue gas and ballast water treatment,” Calgon Carbon Chief Executive Officer Randy Dearth said in a statement.
The program represents about 14 percent of the Pittburgh- based company’s market value. The shares rose 3 percent on the news, trimming losses this year to 22 percent.
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