COLUMBIA, Md., Dec. 28, 2015 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) announced its Board of Directors has authorized a $15 million share repurchase program, replacing the existing authorization which has approximately $3.9 million remaining. GP Strategies' share repurchase program allows management, at its discretion, to repurchase shares from time to time in the open market subject to market conditions and other factors.
"We believe that the share repurchase program reflects confidence in the Company" commented Scott Greenberg, Chief Executive Officer. "In 2014, the Company repurchased approximately $62 million of its shares in a Dutch tender offer and this strategy continues our history of returning capital to our shareholders. We believe that the buyback program gives the Company flexibility to repurchase shares, while maintaining adequate liquidity for key initiatives."
The Company expects to fund share repurchases using cash generated from operations and borrowings under its $65 million credit facility. The repurchases will be made at management's discretion in accordance with applicable federal securities law. The amount and timing of share repurchases will depend on a variety of factors, including market conditions and prevailing stock prices. The share buyback authorization does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended or discontinued at any time at the discretion of the Company's Board of Directors.
About GP Strategies
GP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of training, eLearning solutions, management consulting and engineering services. GP Strategies' solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers.
© 2015 GP Strategies Corporation. All rights reserved. GP Strategies and the GP Strategies logo design are trademarks of GP Strategies Corporation.
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SOURCE GP Strategies Corporation