RYE, N.Y., Aug. 9, 2011 /PRNewswire/ -- Jarden Corporation (NYSE: JAH) today announced that its Board of Directors has approved a new stock repurchase program for up to $500 million of its common stock. Acquisitions under the stock repurchase program may be made from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions, at the Company's discretion, as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.
The Company also stated that during the current quarter it completed the $150 million repurchase program first authorized in November 2007 and increased in March 2010. As of June 30, 2011, the Company had approximately 92.7 million shares of common stock outstanding.
Martin E. Franklin, Executive Chairman of Jarden Corporation, commented, "For the past several years, our key priorities for using our cash have been to reinvest in our businesses, to pay down debt and to make acquisitions where appropriate. We have made significant progress on these efforts, and they will continue to be a focus. However, given the weakness in our share price, current market dynamics, and the strength of our liquidity, we believe accelerating our repurchase of shares is an appropriate use of cash, in line with our ongoing commitment to increase shareholder value."
There can be no assurance as to the amount, timing or prices of repurchases. The specific timing and amount of repurchases will vary based on market conditions and other factors. The share repurchase program may be modified, extended or terminated by the Board of Directors at any time.
About Jarden Corporation
Jarden Corporation is a leading provider of global consumer products with a portfolio of over 100 trusted, quality brands sold in more than 100 countries. Jarden operates in three primary business segments through a number of well recognized brands, including: Outdoor Solutions: Abu Garcia®, Aero®, Berkley®, Campingaz® and Coleman®, ExOfficio®, Fenwick®, Gulp!®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, Volkl® and Zoot®; Consumer Solutions: Bionaire®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and Branded Consumables: Ball®, Bee®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Forster®, Hoyle®, Kerr®, Lehigh®, Leslie-Locke®, Lillo®, Loew Cornell®, Mapa®, NUK®, Pine Mountain®, Quickie®, Spontex® and Tigex®. Headquartered in Rye, N.Y., Jarden ranks #379 on the Fortune 500 and has over 25,000 employees worldwide. For in-depth information about Jarden, please visit www.jarden.com.
Note: This news release contains "forward-looking statements" within the meaning of the federal securities laws and is intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding the repurchase of shares of common stock from time to time under the Company's stock repurchase program. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in the Company's periodic and other reports filed with the Securities and Exchange Commission.
SOURCE Jarden Corporation