Source: SinterCast

SinterCast AB plans to buy outstanding shares of its stock under a program authorized by its board of directors earlier this year. Stockholm-based SinterCast said the purpose of the program is to optimize its capital structure, and in that way to create shareholder value.

As of November 21, SinterCast held none of its own stock. Its initial target is to acquire up to SEK 5 million (est. $479,000) worth of stock. SinterCast’s board authorized the company to repurchase and hold a maximum of 10% of the outstanding shares.

SinterCast is the developer and licenser of the most widely used technology for compacted-graphite iron production process control.

The company has been reporting record-high rates of compacted graphite iron output by foundries licensed to use its CGI production process. For the month of September 2023, SinterCast CGI production reached a new annualized high of 4.5 million engine equivalents (50 kg) – or 225,000 metric tons/year. 

“With the achievement of the 4 million engine equivalent milestone in June, we have now posted three production records in the last four months. Our year-to-date growth for the January-to-September period is 6.7% and, with three months left in the year, the recent strong production has given us the opportunity to post yet another year of double-digit series production growth,” president and CEO Dr. Steve Dawson stated at that time.

Compacted graphite iron is a lightweight ferrous material that offers greater tensile strength, stiffness, and fatigue strength than gray iron or aluminum. Series production of CGI mainly involves diesel and gas engine manufacturers seeking to reduce weight, noise, and emissions for their designs.

Source: SinterCast