8-K
PLEXUS CORP (PLXS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): August 13, 2020
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PLEXUS CORP.
(Exact name of registrant as specified in its charter)
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| Wisconsin | 001-14423 | 39-1344447 |
|---|---|---|
| (State or other jurisdiction<br> of incorporation) | (Commission <br>File Number) | (IRS Employer <br>Identification No.) |
One Plexus Way
Neenah, Wisconsin 54957
(Address of principal executive offices) (Zip Code)
Telephone Number (920) 969-6000
(Registrant’s telephone number, including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | PLXS | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Results of Operations and Financial Condition.
On August 13, 2020 Plexus Corp. (the “Company”) announced that its Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $50.0 million of its common stock beginning upon expiration of the Company’s previous share repurchase program, which shall remain in effect until its expiration. The Company does not have a specific schedule or commitment for the repurchase of the shares and may repurchase shares, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements, financing and other considerations.
A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed herewith:
| Exhibit Number | Description |
|---|---|
| 99.1 | Press release issued by Plexus Corp., dated August 13, 2020 |
| 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 14, 2020 | PLEXUS CORP. |
|---|---|
| (Registrant) | |
| By: /s/ Angelo M. Ninivaggi | |
| Angelo M. Ninivaggi | |
| Executive Vice President, Chief Administrative Officer, General Counsel and Secretary |
Document
Plexus Announces $50 Million Share Repurchase Program
NEENAH, WI – August 13, 2020 - Plexus (NASDAQ: PLXS) announced today that its Board of Directors has approved a new share repurchase program under which the Company is authorized to buy back up to $50 million of its common stock beginning upon expiration of the Company’s previous program. This most recent authorization is expected to extend through fiscal 2021.
Patrick Jermain, Executive Vice President and Chief Financial Officer, commented, “We remain committed to maximizing shareholder returns and are pleased to announce the authorization of this program. Coupled with our disciplined focus on delivering superior financial results, we believe that repurchasing Plexus stock, while considering market conditions, is an attractive use of our capital resources and provides an opportunity to enhance shareholder value.”
The authorized amount represents approximately 2% of current market capitalization. Plexus does not have a specific schedule or commitment for the repurchase of the shares; however, subject to market factors, it expects to complete the authorization on a relatively consistent basis through fiscal 2021.
Investor and Media Contact
Heather Beresford
+1.920.751.3612
heather.beresford@plexus.com
About Plexus Corp. – The Product Realization Company
Since 1979, Plexus has been partnering with companies to create the products that build a better world. We are a team of over 19,000 individuals who are dedicated to providing global Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing, and Aftermarket Services. Plexus is a global leader that specializes in serving customers in industries with highly complex products and demanding regulatory environments. Plexus delivers customer service excellence to leading global companies by providing innovative, comprehensive solutions throughout the product’s lifecycle. For more information about Plexus, visit our website at www.plexus.com.