Valvoline Inc. announced that its board of directors authorized the repurchase of an additional $175 million of its common stock, bringing the total remaining authorization to $500 million. President and CEO Lori Flees said the expanded authorization reflects confidence in the long-term trajectory of the business and its ability to grow free cash flow. Flees said performance is in line with the company's outlook and that Valvoline expects to resume share repurchases following the release of its fiscal year results. The authorization has no expiration date and permits repurchases in open market or privately negotiated transactions, including accelerated share repurchase transactions and Rule 10b5-1 trading plans. Valvoline, which trades on the New York Stock Exchange under the ticker VVV, operates more than 2,500 franchised and company-operated service centers across the United States and Canada.
Valvoline IncBoard authorized an additional $175M buyback, raising total remaining authorization to $500M, signaling confidence and returning cash to shareholders.
