IDEC Corporation announces an Equity Buyback for 2,500,000 shares, representing 7.6% for ¥5,000 million.
May 15, 2019 at 02:00 am EDT
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IDEC Corporation (TSE:6652) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares, representing 7.6% of its share capital, for ¥5,000 million. The company will repurchase its shares in order to improve capital efficiency and implement a flexible capital policy in response to changes in the business environment. The share repurchase program will run until December 30, 2019. As of March 31, 2019, the company had 32,902,112 shares outstanding (excluding treasury shares) and 322,373 shares in treasury.
IDEC CORPORATION is a Japan-based company mainly engaged in the manufacture and sale of control equipment related products. The Company operates in four geographic segments, including Japan, America, EMEA and Asia Pacific. The main business is manufacturing and sale of human machine interface (HMI) solutions, in-board equipment solutions, automation solutions, safety and explosion-proof solutions, systems, and others. HMI solutions include switches, joysticks and indicator lights. In-board equipment solutions include switching power supplies, terminal blocks, control relays sockets, circuit protectors and others. Automation solutions include programmable controllers, programmable displays, photoelectric switches and automatic recognition devices. Safety and explosion-proof solutions include safety-related equipment and explosion-proof equipment. The Company is also engaged in manufacture and sale of systems, collaborative safety robot system business and environment energy business.
IDEC CORPORATION 
