Nippon Pillar Packing Co., Ltd. announces an Equity Buyback for 500,000 shares, representing 2.07% for ¥500 million.
May 20, 2020 at 02:30 pm IST
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Nippon Pillar Packing Co., Ltd. (TSE:6490) announces a share repurchase program. Under the program, the company will repurchase 500,000 shares, representing 2.07% of the outstanding shares for ¥500 million. The purpose of the program is to implement a flexible capital policy in response to changes in the business environment and to repurchase shares as part of shareholder returns. The program will run until September 30, 2020. As of April 30, 2020, the company had 24,147,231 shares outstanding and 895,175 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.