MasTec Announces Authorization of Increased Stock Repurchase Program

Published on Friday, 16 December 2011 08:21 Written by TradersHuddle Staff

CORAL GABLES, Fla., Dec. 16, 2011 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that its Board of Directors has authorized the repurchase of up to an additional $75 million of MasTec common stock over the next 12 months. This authorization expands to a total of $150 million the repurchase program announced by MasTec in November. Stock repurchases may be made from time to time and the actual amount expended will depend on a variety of factors including market conditions, regulatory and legal requirements, corporate cash generation and other factors. The stock repurchases may be made in both open market and privately negotiated transactions, and may include the use of derivative contracts, structured share repurchase agreements and Rule 10b5-1 trading plans. The authorization does not obligate MasTec to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the company's discretion.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's activities include the engineering, building, installation, maintenance and upgrade of energy, communication and utility infrastructure, such as: electrical utility transmission and distribution, natural gas and petroleum pipeline infrastructure, wireless, wireline and satellite communications, wind farms, solar farms and other renewable energy, industrial infrastructure and water and sewer systems. MasTec's customers are primarily in the utility, communications and government industries. The Company's corporate website is located at www.mastec.com.

SOURCE MasTec, Inc.