08:15 AM EDT, 08/14/2024 (MT Newswires) -- The AZEK Company ( AZEK ) said Wednesday it has launched an accelerated share buyback agreement with JPMorgan Chase Bank to repurchase $50 million of its class A common stock.

Under the terms of the deal, AZEK ( AZEK ) will receive an initial delivery of approximately 1 million class A common shares from JPMorgan ( JPM ), with the final settlement slated for no later than November.

The manufacturer of outdoor living products said it is funding the repurchases with cash on hand.