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Nemak expands share repurchase program
Monterrey, Mexico. November 3, 2021 - Nemak, S.A.B. de C.V. (BMV: NEMAK) (“Nemak” or the “Company”) announced today that, effective immediately, it intends to expand its implementation of its share repurchase program, with the purpose of increasing its net position.
“This program will help us enhance value for our shareholders, consistent with a disciplined capital allocation strategy,” said Armando Tamez, CEO of Nemak. “Based on our solid fundamentals and our leadership position in highly engineered applications for the automotive industry, we believe that we are well positioned to continue to capitalize on electrification and lightweighting trends to strengthen our future prospects.”
The share repurchase program was approved at Nemak’s Annual General Shareholders’ Meeting held on March 11, 2021, with a maximum amount of $2.5 billion Mexican pesos.
Nemak is a leading provider of innovative lightweighting solutions for the global automotive industry, specializing in the development and manufacturing of aluminum components for powertrain, e-mobility, and structural applications. In 2020, it generated revenue of US$3.2 billion. For more information about Nemak, visit www.nemak.com/