Electronics Production |
Solectron announces new $250 Million<br>stock repurchase program
Solectron announced that its Board of Directors has authorized a new stock repurchase program set to commence in the second quarter of fiscal 2006, and that it has successfully completed the $250 million stock repurchase program commenced in July 2005.
Under the just completed program, Solectron repurchased 63.6 million shares of its common stock.
Under the new program, up to $250 million of the company's outstanding common stock may be repurchased over the next 12 months, starting from the date of commencement, through open market transactions. The timing and amount of repurchase transactions will depend on market conditions and corporate and regulatory considerations, and may be suspended or discontinued at any time. The repurchases will be made pursuant to a company 10(b)5-1 trading plan.
"With the authorization by Solectron's Board to repurchase up to an additional $250 million in stock, we are demonstrating the company's commitment to further enhance shareholder value," said Mike Cannon, Solectron's president and chief executive officer. "Solectron has one of the strongest balance sheets in our industry, we're generating positive cash flow, and this announcement underscores our confidence in the company's strategic direction."
