STERIS Corporation Announces New $300 Million Share Repurchase Aut...( MENTOR Ohio March 14 /- STERIS Co...),Health

MENTOR, Ohio, March 14 /PRNewswire-FirstCall/ -- STERIS Corporation (NYSE: STE) today announced that its Board of Directors has authorized the purchase of up to $300 million in shares of STERIS common stock. The authorization represents approximately 20% of outstanding shares as of February 29, 2008. This share repurchase authorization replaces an existing authorization that had approximately $160 million remaining. Through March 13, 2008, the Company has repurchased approximately $162 million in common stock during fiscal year 2008, including $65 million to date in the fourth quarter ending March 31, 2008.

"We believe that our strong balance sheet and free cash flow level afford us the opportunity to use our capital structure to drive incremental returns to shareholders, while still being able to fund ongoing investments and growth in our business," said Walt Rosebrough, STERIS's president and chief executive officer. "During this fiscal year, we have been much more aggressive with share repurchases and this new authorization reflects our continued confidence in the Company's business and growth plans."

Under the new share repurchase authorization, the Company may purchase shares from time to time in open market purchases or privately negotiated transactions. This authorization has no time limit, and may be suspended or discontinued at any time. The Company may make all or part of the repurchases under Rule 10b5-1 plans. These plans may be entered into or terminated from time to time, and enable the Company to make repurchases on a more regular basis. The Company intends to finance the share repurchase program through a combination of available cash and debt.

About STERIS

The mission of STERIS Corporation is to
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