(RTTNews) - Owens Corning (OC), a building and construction materials company, on Wednesday announced that the Board of Directors has approved a new share repurchase authorization for up to 12 million shares.
The new authorization adds to the previously announced share repurchase program, under which approximately 5.7 million shares were available for repurchase as of March 31.
The latest authorization reaffirms the company's capital allocation strategy and highlights its strong, disciplined commercial and operational execution to deliver consistent and sustainable performance in dynamic market conditions.
Chair and Chief Executive Officer Brian Chambers said, "The additional share repurchase authorization reflects the earnings power of our company and confidence in our ability to consistently generate strong free cash flow."
In the pre-market trading, Owens Corning is 0.62% higher at $143.50 on the New York Stock Exchange.
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