AMETEK Inc. (AME) announced that its Board of Directors has increased the authorized level for repurchases of its common stock by $75 million. The increased authorization will be added to the approximately $68 million that remains available from an existing authorization approved by the Board of Directors in July 2008.
The company noted that the increased authorization brings the total amount authorized for share repurchases to approximately $143 million.
Frank Hermance, Chairman and Chief Executive Officer said, "With this increased authorization, AMETEK will continue its strategy of making opportunistic purchases of its common stock to offset the dilutive impact of our benefit plans. We will continue to allocate our strong free cash flow towards strategic acquisitions and, in their absence, debt reduction. Stock repurchases will remain a modest use of that free cash flow".
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