DXP Enterprises, Inc. announces an Equity Buyback for 2,800,000 shares, representing 14.21% for $85 million.
December 15, 2022 at 09:03 am EST
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DXP Enterprises, Inc. (NasdaqGS:DXPE) announces a share repurchase program. Under the program, the company will repurchase up to 2,800,000 shares, representing 14.21% of its outstanding share capital for $85 million. The program will be valid for 24 months.
As of September 30, 2022, the company had 19,700,000 issued and outstanding shares.
DXP Enterprises, Inc. is a products and service distributor that offers solutions to industrial customers. It provides pumping solutions, supply chain services and maintenance, repair, operating and production (MROP) services. It has three segments: Service Centers (SC), Innovative Pumping Solutions (IPS) and Supply Chain Services (SCS). SC segment is engaged in providing MRO products, equipment and services, including technical expertise and logistics capabilities, to a variety of customers serving varied end markets with the ability to provide same day delivery. IPS segment provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps. SCS segment provides fully outsourced MRO solutions for sourcing MRO products, including inventory optimization and management, storeroom management, transaction consolidation and control, vendor oversight and procurement cost optimization, productivity improvement services, and customized reporting.