Sumitomo Heavy Industries, Ltd. announces an Equity Buyback for 4,000,000 shares, representing 3.26% for ¥10,000 million.
February 14, 2024 at 01:00 am EST
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Sumitomo Heavy Industries, Ltd. (TSE:6302) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 3.26% of its issued share capital (excluding treasury stock), for a total purchase price of ¥10,000 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency.
The program will continue through October 31, 2024. As of January 31, 2024, the company has 122,554,516 issued shares (excluding treasury stock) and 350,965 treasury shares.
Sumitomo Heavy Industries, Ltd. specializes in the design, manufacturing and marketing of industrial and construction equipment. Net sales break down by family of products as follows:
- construction equipment (29.3%): hydraulic excavators, cranes, road machinery, etc.;
- precision machinery (20.8%): molding machines by injection, electric injection molding machines, medical use cyclotrons, etc.;
- equipment for environment protection (19.8%): energy generators, industrial wastewater processing systems, air pollution control units, etc.;
- machinery components (14.4%): power transmission and control systems (gears, power inverters, geared motors, gearboxes, etc.), motors, mechanical coupling systems, etc.;
- industrial equipment (11%): handling systems, logistic equipment, gas turbines, pumps, etc.;
- ships (4%);
- other (0.7%).
SUMITOMO HEAVY INDUSTRIES, LTD. 
