ATCHISON, KANSAS, US — The board of directors of MGP Ingredients, Inc. has approved the repurchase of up to $100 million of the company’s outstanding shares of common stock.

“Following another record year and strong results from each of our three business segments in 2023, we are well positioned to implement this additional pillar of shareholder return while maintaining a strong balance sheet to enable additional growth opportunities,” said David Bratcher, president and chief executive officer of MGPI. “Today’s announcement reflects our continued confidence in our strategy, the sustainable strength of our business, and our ability to generate strong, long-term cash flows.”

Last week, MGPI said net income in the year ended Dec. 31, 2023, fell to $106.4 million, equal to $4.82 per share on the common stock, down 2.1% from $108.59 million, or $4.94 per share, in fiscal 2022. Net sales increased 6.9% to $836.52 million from $782.36 million.