logo
Plus   Neg
Share
Email

O'Reilly Automotive Announces Addl $1 Bln Share Repurchase Authorization

O'Reilly Automotive Inc. (ORLY) said that its board approved a resolution to increase the authorization amount under its share repurchase program by an additional $1 billion, raising the aggregate authorization under the program to $11.75 billion.

The company also announced that it has entered into a definitive agreement to purchase substantially all of the auto parts related assets of Bennett Auto Supply, Inc., headquartered in Pompano Beach, Florida. The asset purchase is expected to be completed by the end of this year.

The additional $1 billion authorization is effective for a three-year period, beginning on November 13, 2018.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The National Retail Federation Chief Economist Jack Kleinhenz said it was too early to say how quickly or smoothly the U.S. economy would stage a recovery following the "sizable disruptions" due to the coronavirus pandemic. However, he noted that the reopening of businesses and the resumption of economic activity is a significant step forward. Following the recall of type 2 diabetes medication Metformin Hydrochloride Extended-Release (ER) by Apotex last week, the U.S. Food and Drug Administration or FDA has recommended more pharmaceutical companies, who are manufacturers of the drug formulation, to recall their products. Hundreds of Facebook employees staged a "virtual walkout" on Monday to protest the company's decision not to act on recent controversial posts by President Donald Trump on the social media platform. The employees criticized Facebook chief executive Mark Zuckerberg's decision to not moderate a post from Trump last Thursday.
Follow RTT