Share Repurchase Program Announcement
Board of Directors authorized a $500 million share repurchase program to demonstrate long-term conviction in the business's prospects.
Strong Cost Control and Cash Flow
Adjusted SG&A expense was better than planned, achieving $172 million in free cash flow with an adjusted conversion of 124%.
Successful Debt Refinancing
Completed refinancing of near-term maturities, upsized revolving credit facility to $1.4 billion, extending maturity to 2030, with a current weighted average cost of debt just over 4%.
Strategic Initiatives for Turnaround
Introduction of Avantor Revival plan focusing on improving go-to-market strategies, manufacturing, simplifying processes, and enhancing leadership.