Mayville Engineering Company, Inc. Announces ESOP Safe Harbor Funding Share Repurchase Program

MAYVILLE, Wis.–(BUSINESS WIRE)–Mayville Engineering Company (NYSE: MEC) (the “Company” or “MEC”), a
leading U.S.-based value-added manufacturing partner that provides a
broad range of prototyping and tooling, production fabrication, coating,
assembly and aftermarket services, today announced that the Company’s
board of directors has authorized a share repurchase program of up to
$4.0 million of shares of the Company’s common stock.

The program will allow the Company to use the repurchased shares to meet
its required 2019 safe harbor funding obligation under the Company’s
Employee Stock Ownership Plan (the “Plan”). Under the Plan, the Company
is required to fund a minimum of 3% of eligible compensation to
qualifying participants by way of cash, stock purchases, or any
combination thereof.

These share purchases may be made at the discretion of the Company, from
time to time, in the open market and/or in private transactions and will
depend on economic and market conditions, share price, trading volume
and other factors. This specific share repurchase program runs until
December 31, 2019 but may be suspended or discontinued at any time.

Forward Looking Statements
This
press release includes forward-looking statements that reflect our
plans, estimates and beliefs. Such statements involve risks and
uncertainties. Our actual results may differ materially from those
contemplated by these forward-looking statements as a result of various
factors, including those set forth in “Risk Factors” and “Cautionary
Statement Regarding Forward-Looking Statements” in the Company’s
previously filed registration statement on Form S-1. Important factors
that could cause actual results or events to differ materially from
those expressed in forward-looking statements include, but are not
limited to: failure to compete successfully in our markets; risks
relating to developments in the industries in which our customers
operate; our ability to maintain our manufacturing, engineering and
technological expertise; the loss of any of our large customers or the
loss of their respective market shares; risks related to scheduling
production accurately and maximizing efficiency; our ability to realize
net sales represented by our awarded business; our ability to
successfully identify or integrate acquisitions; risks related to
entering new markets; our ability to develop new and innovative
processes and gain customer acceptance of such processes; our ability to
recruit and retain our key executive officers, managers and
trade-skilled personnel; risks related to our information technology
systems and infrastructure; manufacturing risks, including delays and
technical problems, issues with third-party suppliers, environmental
risks and applicable statutory and regulatory requirements; political
and economic developments, including foreign trade relations and
associated tariffs; volatility in the prices or availability of raw
materials critical to our business; results of legal disputes, including
product liability, intellectual property infringement and other claims;
risks associated with our capital-intensive industry; risks related to
our treatment as an S Corporation prior to the consummation of the
initial public offering; risks related to our employee stock ownership
plan’s treatment as a tax-qualified retirement plan; and our ability to
remediate the material weaknesses in internal control over financial
reporting identified in preparing our audited consolidated financial
statements and to subsequently maintain effective internal control over
financial reporting. This discussion should be read in conjunction with
our audited consolidated financial statements included in the Company’s
previously filed registration statement on Form S-1. Except as required
by the federal securities laws, we undertake no obligation to update or
revise any forward-looking statements after the date on which any such
statement is made, whether as a result of new information, future events
or otherwise.

About MEC
MEC is a leading
U.S.-based value-added manufacturing partner that provides a broad range
of prototyping and tooling, production fabrication, coating, assembly
and aftermarket components. Our customers operate in diverse end
markets, including heavy- and medium-duty commercial vehicles,
construction, powersports, agriculture, military and other end markets.
We have developed long-standing relationships with our blue-chip
customers based upon a high level of experience, trust and confidence.

Our one operating segment focuses on producing metal components that are
used in a broad range of heavy- and medium-duty commercial vehicles,
construction, powersports, agricultural, military and other products.
For more information, please visit www.mecinc.com

Contacts

Nathan Elwell
847-530-0249
nelwell@lincolnchurchilladvisors.com

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