ATCHISON, Kan. - MGP Ingredients , Inc. (NASDAQ:MGPI), a prominent player in the distilled spirits and food ingredient sectors, has announced a stock repurchase program authorizing up to $100 million of its outstanding common stock. This move comes on the heels of a record-breaking performance in 2023, with robust results across the company's three business segments.
David Bratcher, the CEO and President of MGP Ingredients, stated that the repurchase plan is a testament to the company's confidence in its strategic direction and the enduring strength of its operations. He emphasized that MGP Ingredients is poised to continue delivering strong cash flows over the long term.
The repurchases will be conducted through open market transactions, private negotiations, or other methods as deemed appropriate, adhering to the prevailing securities laws and regulations. The program does not have a set expiration date and can be adjusted, paused, or terminated at any time based on various factors, including market conditions.
MGP Ingredients has a diverse portfolio that includes bourbon, rye whiskeys, gins, and vodkas, with production facilities in Kentucky, Indiana, and Kansas, and bottling operations in Missouri, Ohio, and Northern Ireland. The company also owns Luxco brands, featuring a range of spirits from several distilleries and an ingredient solutions segment offering specialty proteins and starches.
The company's strategic plan involves leveraging its vast expertise to innovate and collaborate with customers, aiming to transform American grain into a range of high-quality products. The announcement of the share repurchase program is based on a press release statement issued by MGP Ingredients.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.