CLARCOR Announces $250 Million Stock Repurchase Program and Regular Quarterly Dividend.FRANKLIN, Tenn. -- The Board of Directors of CLARCOR Inc. (NYSE NYSE See: New York Stock Exchange :CLC (The Computer Language Company Inc.) The publisher of this Encyclopedia. See About this product. ) yesterday authorized a $250 million stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Pursuant to the authorization, CLARCOR may purchase shares from time to time in the open market or through privately negotiated transactions over the next three years. CLARCOR has no obligation to repurchase shares under the authorization, and the timing, actual number and value of shares to be purchased will depend on CLARCOR's stock price and market conditions. This authorization replaces CLARCOR'S previous share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. authorization which expired on June 17, 2007. CLARCOR's Board of Directors also declared a regular quarterly dividend of $0.0725 per share. The dividend is payable July 27, 2007 to shareholders of record July 13, 2007. CLARCOR is based in Franklin, Tennessee, and is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products and consumer and industrial packaging products sold in domestic and international markets. Common shares of the Company are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CLC. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion