Coltec Industries Expands Stock Repurchase Program Up to $100 Million.CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 13, 1998--Coltec Industries Inc (NYSE NYSE See: New York Stock Exchange :COT) has received authorization The right or permission to use a system resource; the process of granting access. See access control. from its Board of Directors to expand the stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program it began in June. Effective immediately, the total value of the company's common stock that may be acquired has been increased to $100 million from $50 million. Approximately 2.1 million shares valued at $36 million have been repurchased since the company initiated the program in June 1998. John W. Guffey, Jr., chairman and chief executive officer, said, "Coltec shares, at current levels, continue to represent a very attractive investment opportunity for the company." Coltec Industries is the leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. producer of landing gear systems and industrial sealing products and a major supplier of other highly engineered products for aerospace and industrial markets. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion