WALLINGFORD, Conn.--(BUSINESS WIRE)--Amphenol Corporation (NYSE-APH) announced that its Board of Directors has authorized a stock repurchase program under which the Company may repurchase up to twenty (20) million shares of its Common Stock during the period ending January 31, 2014. The Board authorization permits the Company to repurchase stock from time to time through a variety of methods, including open market repurchases or in privately negotiated transactions. The price and timing of any such purchases will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, economic and market conditions and stock price. The purchases will be funded by the Company's available cash, free cash flow and borrowings under the Company’s credit facilities. The stock repurchase program may be modified, extended or terminated by the Board of Directors at any time. The Company presently has approximately 175.5 million shares of Common Stock outstanding. The stock repurchase program helps offset dilution from the Company's equity compensation programs.
Amphenol Corporation is one of the world’s leading producers of electronic and fiber optic connectors, cable and interconnect systems. Amphenol products are engineered and manufactured in the Americas, Europe, Asia and Africa and sold by a worldwide sales and marketing organization. Amphenol has a diversified presence as a leader in high growth segments of the interconnect market including: Military, Commercial Aerospace, Automotive, Broadband Communication, Industrial, Information Technology and Data Communications Equipment, Mobile Devices and Wireless Infrastructure.
Statements in this press release which are other than historical facts are intended to be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and other related laws. While the Company believes such statements are reasonable, the actual results and effects could differ materially from those currently anticipated. Please refer to [Part I, Item 1A] of the Company’s Form 10-K for the year ended December 31, 2009, for some factors that could cause the actual results to differ from estimates. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.