Aearo directors authorize buyback for 12½% senior sub notes

New York, Oct. 19 - Aearo Corp. said its board of directors has authorized management to buy back some of its 12½% senior subordinated notes.

The Indianapolis, Ind. personal protective equipment company said the repurchases will be made subject to market conditions "and other factors."

"No assurance can be given as to whether or when or at what prices such repurchases will occur," the company said in a filing with the Securities and Exchange Commission.

The buyback authorization is one of a package of measures intended to strengthen the company's financial position and improve its competitiveness "during these difficult economic times," according to the filing.

Aearo said there has been a slowdown in the market for its products, adding that it has also been hurt by the strength of the U.S. dollar.

The company will be restructuring some manufacturing facilities and consolidating management levels over the next 18 months. These measures are expected to generate annualized savings of $4.8 million with a $2.4 million benefit in fiscal 2002.

Aearo said it is also continuing to focus on product innovation.

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