Huttig Building Products has completed a repurchase of 1.0 million shares of its common stock at $1.10 per share from its largest stockholder, The Rugby Group Limited. The share repurchase was effected in a private transaction, and the aggregate purchase price was funded with available funds.
Jon Vrabely, president and CEO, said in a prepared statement: “Throughout the entire unprecedented downturn in the housing market over the past five years, we have focused on preserving the long-term value proposition of the company, managing the integrity of the balance sheet and protecting the interests of our shareholders. To that end, we have been successful in meeting our objectives without adding significant debt to the balance sheet or diluting our shareholders. We are extremely pleased that our financial performance and liquidity position have provided us the opportunity to deliver meaningful value to our shareholders through this transaction."
Headquartered in St. Louis, Huttig is a leading distributor of millwork, building materials and wood products used principally in new residential construction and home improvement, remodeling and repair work. Huttig distributes its products through 27 wholesale distribution centers serving 41 states. The company sells principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.