KVH Industries Board Approves $10M Buyback Program

Dow Jones

2024-12-12

By Connor Hart

The board of KVH Industries has authorized a $10 million share-repurchase program.

The Middletown, R.I., maritime- and mobile-connectivity company said Wednesday that the buybacks are authorized through the open market, privately negotiated transactions and block transactions, or through an accelerated repurchase agreement.

The company additionally said it entered into purchase and sale agreements for its office and factory, both located in Middletown.

KVH will sell its offices to Knight Capital for $8.5 million, remaining in the property as a tenant under a triple-net lease as it completes its manufacturing wind-down and identifies a new headquarters facility. It will also sell a nearby factory to 50 Enterprise, a subsidiary of Seacorp, for $4.5 million.

Chief Executive Brent Bruun said proceeds from the sale of these facilities will be used for working capital and potential strategic opportunities, while also allowing the company to move into new facilities.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 11, 2024 14:42 ET (19:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It will also sell a nearby factory to 50 Enterprise, a subsidiary of Seacorp, for $4.5 million. \n</p>\n<p>\n  Chief Executive Brent Bruun said proceeds from the sale of these facilities will be used for working capital and potential strategic opportunities, while also allowing the company to move into new facilities. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Connor Hart at connor.hart@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 11, 2024 14:42 ET (19:42 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"KVHI","symbol_name":"KVH通信","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2490894068","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490894068","pubTimestamp":1733946120,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"The board of KVH Industries has authorized a $10 million share-repurchase program.The Middletown, R.I., maritime- and mobile-connectivity company said Wednesday that the buybacks are authorized through the open market, privately negotiated transactions and block transactions, or through an accelerated repurchase agreement.The company additionally said it entered into purchase and sale agreements for its office and factory, both located in Middletown.KVH will sell its offices to Knight Capital for $8.5 million, remaining in the property as a tenant under a triple-net lease as it completes its manufacturing wind-down and identifies a new headquarters facility. 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It will also sell a nearby factory to 50 Enterprise, a subsidiary of Seacorp, for $4.5 million. \n\n\n  Chief Executive Brent Bruun said proceeds from the sale of these facilities will be used for working capital and potential strategic opportunities, while also allowing the company to move into new facilities. \n\n\n \n\n\n  Write to Connor Hart at connor.hart@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 11, 2024 14:42 ET (19:42 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1}}}