The Board of Directors of Vacon Plc has decided to utilize the authorization given by the Annual General Meeting held on 27 March 2012 to repurchase the company's shares.
The maximum number of shares to be acquired is 60,000 corresponding to about 0.39% of the total number of Vacon's shares and votes. The repurchases will decrease the distributable capital and reserves of the company. Vacon currently holds a total of 23,227 own shares, corresponding to approximately 0.15% of the total number of the shares and votes.
The share repurchases will start on 8 August 2012 at the earliest, and end by the end of 2012 at the latest. The shares shall be acquired through public trading on the NASDAQ OMX Helsinki exchange at the market price prevailing at the time of repurchase.
Vacon's Board of Directors has an authorization to acquire 1,450,000 of the company's own shares, which is valid until 30 June 2013.
Vacon is driven by a passion to develop, manufacture and sell the best AC drives and inverters in the world - and provide customers with efficient product lifecycle services. Our AC drives offer optimum process control and energy efficiency for electric motors. Vacon inverters play a key role when energy is produced from renewable sources.
Vacon has production and R&D facilities in Europe, Asia and North America, and sales offices in 27 countries. Further, Vacon has sales representatives and service partners in nearly 90 countries.
In 2011, Vacon's revenues amounted to EUR 380.9 million, and the company employed globally approximately 1,500 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki).
Vesa Laisi, President and CEO, Vacon Plc, phone +358 (0)40 8371 510, vesa.laisi(at)vacon.com
Sebastian Linko, Director, Corporate Communications and Investor Relations, Vacon Plc, phone +358 (0)40 8371 634, sebastian.linko(at)vacon.com