MYR Group announces $50 million share repurchase

ROLLING MEADOWS - MYR Group Inc., a holding company of leading specialty contractors serving the electric utility industry in the U.S. and western Canada, announced its new $50 million share repurchase program.

The company is now authorized by its board of directors to repurchase up to $50 million of its outstanding shares of common stock from time to time on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. The repurchase program will expire in one year, or when the authorized funds are exhausted, whichever is earlier, the company said.

MYR Group intends to fund the program with cash on hand and through borrowings under its credit facility, it said.

"We are committed to driving value for all MYR shareholders and directing capital to investments that generate strong returns," said Rick Swartz, MYR's president and CEO. "Today's announcement reflects the board's confidence in the company's long-term strategy and our belief that MYR's stock represents an attractive long-term investment opportunity."