Nippon Pillar Packing Co., Ltd. announces an Equity Buyback for 300,000 shares, representing 1.23% for ¥350 million.
August 07, 2019 at 02:20 am
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Nippon Pillar Packing Co., Ltd. (TSE:6490) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 1.23% of its share capital, for ¥350 million. The company will repurchase its shares in order to implement a flexible capital policy in response to changes in the business environment, and as part of shareholder returns. The share repurchase program will run until March 31, 2020. As of June 30, 2019, the company had 24,447,245 shares outstanding (excluding treasury shares) and 595,161 shares in treasury.
PILLAR Corp, formerly Nippon Pillar Packing Co Ltd, is a Japan-based company mainly engaged in the manufacture and sale of fluid control related equipment products, mainly PILAFLON products (fluororesin products), mechanical seal products, and gland packing and gasket products. The products are used in industrial fields such as semiconductors and liquid crystal, as well as electricity, petroleum, automobiles, chemicals, ships, civil engineering and construction, food, and pharmaceuticals. The Company operates through two business segments. The Electronic Equipment Related Business segment mainly produces and sells resin-related products such as PILAFLON products. The Industrial Equipment Related Business segment produces and sells mechanical seal products, gland packing and gasket products. The Company also operates office building rental businesses, insurance agency businesses, and electricity sales businesses.