CPAC Announces Stock Repurchase Plan

CPAC, Inc. today announced that its board authorized the repurchase of up to 266,000 shares, or 5%, of its outstanding common stock. The purchases are to be made from time to time in the open market or through privately negotiated transactions, when conditions warrant.

Thomas N. Hendrickson, CPAC president and chief executive officer, said, “We maintain that, at our low P/E ratio and current price at approximately 40% below book value, our stock remains undervalued. As a result, we will continue to purchase shares through our newly authorized stock repurchase plan, consistent with Nasdaq and SEC policies, up to the maximum approved number of shares.”

The shares will be repurchased and retired using the Company’s strong internally generated cash flow. Mr. Hendrickson reiterated that the share buyback program does not alter CPAC’s strategy of growth via acquisitions, or prevent the company from investing in other attractive growth opportunities.

CPAC, Inc. is an international manufacturer and marketer of industrial and household cleaning products and related accessories, and personal care products for the cleaning and personal care industry, as well as prepackaged chemical formulations, supplies, and equipment systems for the imaging industry. The company operates in two business segments: Cleaning and Personal Care (Fuller Brands) and Imaging. The Fuller Brands segment includes The Fuller Brush Company, Stanley Home Products, and Cleaning Technologies Group.