ASGN Incorporated (NYSE: ASGN) announced today that its Board of
Directors approved a stock repurchase program under which the Company
may repurchase up to $250 million of its common stock over the next two
years. Under terms of the program, purchases can be made in the open
market or under a Rule 10b5-1 trading plan. This program is effective
immediately. The stock repurchase program does not obligate the Company
to acquire any particular amount of the Company’s stock, and it may be
suspended at any time at the Company’s discretion.
Commenting on the stock repurchase program, Ted Hanson, President and
CEO of ASGN, stated, “I am pleased to announce that we have established
a $250 million share buyback program. This action demonstrates our
confidence in ASGN’s strategic plan, as well as our commitment to a
balanced capital allocation strategy, which includes investments in our
organic growth, debt repayment, strategic acquisitions and share
repurchases. The authorization amount approximates the level of free
cash flow that we have generated over the last 12 months, and we are
trending to reduce our leverage ratio to below 2.5 times prior to the
end of the second quarter. We believe that the repurchase program is an
attractive way for us to return value to our stockholders and does not
preclude us from pursuing attractive business development opportunities
going forward.”
About ASGN
ASGN Incorporated (NYSE: ASGN) is one of the foremost providers of IT
and professional services in the technology, creative/digital,
engineering, life sciences and government sectors. Our mission as an
organization is to be the premier provider of highly skilled human
capital targeting critical STEM skill sets that will drive the economy
in the years ahead. Through an integrated suite of professional staffing
and IT solutions, ASGN improves productivity and utilization among
leading corporate enterprises and government organizations. For more
information visit us at www.asgn.com.
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