Cabot board boosts stock buyback authorization by 10M shares

Cabot (CBT) Corporation’s Board of Directors authorized the company to repurchase up to 10M additional shares of the Company’s common stock, increasing the current amount of shares available for repurchase to approximately 11M. “Our ‘Creating for Tomorrow’ strategy is underpinned by a balanced capital allocation framework of investing for advantaged growth and returning cash to shareholders through a combination of dividends and share repurchases. The Board’s actions confirm our commitment to this strategy,” said Sean Keohane, president and chief executive officer. “Returning cash to our shareholders is an important component of our capital allocation framework and this authorization demonstrates our confidence in the expected earnings performance and cash flow generation of our businesses over the coming years.”