SAN JOSE, Calif. & SINGAPORE--(BUSINESS WIRE)--Apr. 5, 2012--
Avago
Technologies Limited (Nasdaq:AVGO), a leading supplier of analog
interface components for communications, industrial and consumer
applications, today announced that its Board of Directors has authorized
the Company to repurchase up to 15 million of its ordinary shares. This
replaces the share repurchase program announced by the Company on June
9, 2011, which expired at the Company’s 2012 annual general meeting on
April 4, 2012.
This share repurchase program was adopted pursuant to the share purchase
mandate approved by the Company's shareholders at its 2012 annual
general meeting. The share purchase mandate authorizes the repurchase by
the Company of up to 10 percent of its outstanding ordinary shares prior
to the date of the Company’s 2013 annual general meeting.
Share repurchases, if any, will be made in the open market at such times
and in such amounts as the Company deems appropriate. The Company
intends to effect any share purchases in compliance with Securities and
Exchange Commission Rule 10b-18 or pursuant to a trading plan adopted
pursuant to Rule 10b5-1. The timing and actual number of shares
repurchased will depend on a variety of factors including price, market
conditions and applicable legal requirements. The share repurchase
program does not obligate the Company to repurchase any specific number
of shares and may be suspended or terminated at any time without prior
notice.
About Avago Technologies Limited
Avago Technologies Limited is a leading designer, developer and global
supplier of a broad range of analog semiconductor devices with a focus
on III-V based products. Our product portfolio is extensive and includes
over 6,500 products in four primary target markets: wireless
communications, wired infrastructure, industrial and automotive
electronics, and consumer and computing peripherals.
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements which address our
expected future business and financial performance. These
forward-looking statements are based on current expectations, estimates,
forecasts and projections of future Company or industry performance,
based on management’s judgment, beliefs, current trends and market
conditions, and involve risks and uncertainties that may cause actual
results to differ materially from those contained in the forward-looking
statements. Accordingly, we caution you not to place undue reliance on
these statements. For Avago, particular uncertainties that could
materially affect future results include global economic conditions and
concerns; cyclicality in the semiconductor industry or in our target
markets; quarterly and annual fluctuations in operating results; our
competitive performance and ability to continue achieving design wins
with our customers; our dependence on contract manufacturing and
outsourced supply chain and our ability to improve our cost structure
through our manufacturing outsourcing program; prolonged disruptions of
our or our contract manufacturers’ manufacturing facilities or other
significant operations; our increased dependence on outsourced service
providers for certain key business services and their ability to execute
to our requirements; loss of our significant customers; our ability to
maintain gross margin; our ability to maintain tax concessions in
certain jurisdictions; our ability to protect our intellectual property
and any associated increases in litigation expenses; dependence on and
risks associated with distributors of our products; any expenses
associated with resolving customer product and warranty and
indemnification claims; currency fluctuations; our ability to achieve
the growth prospects and synergies expected from our acquisitions;
delays, challenges and expenses associated with integrating acquired
companies with our existing businesses; and other events and trends on a
national, regional and global scale, including those of a political,
economic, business, competitive and regulatory nature. Our Quarterly
Report on Form 10-Q filed on March 8, 2012 and other filings with the
Securities and Exchange Commission, or “SEC” (which you may obtain for
free at the SEC’s website at http://www.sec.gov)
discuss some of the important risk factors that may affect our business,
results of operations and financial condition. We undertake no intent or
obligation to publicly update or revise any of these forward looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
Source: Avago Technologies Limited
Avago Technologies Limited
Thomas Krause, +1-408-435-7400
VP
Corporate Development
investor.relations@avagotech.com