Koppers Holdings (KOP) Announces $100M Share Buyback

Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, today announced that its Board of Directors approved a $100 million share repurchase program. The repurchase program replaces the company's previous share repurchase program of $100 million, which was approved in August 2021 and had approximately $11 million remaining.

This action reflects the continued confidence that Koppers Board of Directors and management have in the company's improved free cash flow profile, which provides the ability to return meaningful capital to shareholders.

Chief Financial Officer Jimmi Sue Smith said, "We are pleased with the share repurchase authorization, which supports Koppers commitment to a flexible and balanced capital allocation policy that pivots where capital is deployed based upon strategic needs and expected returns. With growth investment projects in our 2025 strategic plan substantially completed, we anticipate lower capital expenditures and higher free cash flow in 2025 and beyond, which we plan to allocate to debt reduction and share repurchases. So long as our trailing enterprise value multiple lags our long-term average and we see improved future performance, we plan to aggressively repurchase shares within the constraints of our credit agreement, while also reducing debt and leverage, which we expect to be within our long-term targeted range of 2 to 3 times net debt to adjusted EBITDA by the end of 2025."

Koppers is authorized to repurchase shares and will consider whether to do so from time to time, based on many factors, including market and economic conditions, applicable legal requirements, and other business considerations. The share repurchase program has no termination date and may be suspended or discontinued at any time.

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