Lydall Announces Stock Repurchase Program

MANCHESTER, Conn., April 20, 2021 (GLOBE NEWSWIRE) --  Lydall, Inc. (NYSE: LDL), a leading global provider of specialty filtration and advanced materials solutions, announced today that its Board of Directors has authorized the repurchase of up to $30 million of the Company's outstanding common stock from time to time in open market transactions at prevailing market prices or by other means in accordance with federal securities laws.

Commenting on the stock repurchase program, Sara A. Greenstein, President and Chief Executive Officer, said, “This repurchase program reflects our confidence in Lydall’s strategy, our ability to deliver profitable growth and that we are on course to deliver the financial commitments outlined at our Investor Day last December. Returning capital to our shareholders, while also continuing to invest in high return organic investments and managing debt are consistent with our disciplined capital allocation strategy.”

The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.

The repurchase program has no expiration date and will be funded using the Company's cash on hand, and cash from operations. As of December 31, 2020, the Company had cash and cash equivalents of approximately $102 million. Lydall had approximately 18 million shares of common stock outstanding as of December 31, 2020.

Repurchased shares will be held in treasury shares and will be available for use in connection with Lydall’s stock plans and for other corporate purposes. There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended or discontinued at any time without prior notice at Lydall’s discretion.

Cautionary Note Concerning Forward-Looking Statements

Statements in this press release regarding the repurchase of shares from time to time under the stock repurchase program, the source of funding for, and intended use of, any repurchased shares and the achievement of profitable growth and financial commitments are forward-looking statements within the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the company's stock prevailing from time to time, the nature of other opportunities presented to the company from time to time, the company's cash flows from operations, worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and impact the Company’s profitability, and other factors identified in Part I, Item 1A - Risk Factors of Lydall’s Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements speak only as of the date of this press release, and Lydall does not assume any obligation to update or revise any forward-looking statement made in this press release or that may from time to time be made by or on behalf of the Company.

About Lydall, Inc.Headquartered in Manchester, Connecticut with global manufacturing operations, Lydall delivers value-added engineered materials and specialty filtration solutions that promote a cleaner, safer and quieter world. We partner with our customers to develop bespoke, high-performing and efficient solutions that are adaptable and scalable to meet their needs. Lydall is a New York Stock Exchange-listed Company. For more information, visit http://www.lydall.com. Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.

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