Balchem Repurchases 20 Percent of Its Stock

Balchem Repurchases 20 Percent of Its Stock

SLATE HILL, N.Y.--Balchem Corp., based here, announced that its board of directors has approved a 600,000-share extension for its stock repurchase program through June 30, 2002. According to the company (www.balchem.com), repurchases will be made from operational cash flow either via the open market or through private transactions.

Balchem will now own approximately one million shares, or 20 percent, of its 4.9 million shares (the company repurchased 343,315 shares of common stock during the last two years). However, this does not make the company the majority stockholder. "We are pleased with our activity under this plan and believe that this extension of our stock repurchase program is in the best interest of our shareholders," stated Dino Rossi, president and chief executive officer of Balchem.

According to Jackie Powell, the company's investor relations coordinator, the stocks are undervalued at the moment and are being repurchased in stages, adding "This will show to the market that we believe in the strength in the stock."