Auto parts supplier Strattec Security Corp. (STRT) said on Thursday its board authorized a new share repurchase program of upto $40 million and terminated a buyback plan that had been in place since 1996.
The program has no expiration date and does not obligate Strattec to buy any specific amount of stock.
Strattec bought back 110,269 shares at an average price of $67.10 in the fiscal fourth quarter before ending the old plan.
Chief Executive Jennifer Slater said the company's "strong cash position" allows it to invest in growth while returning capital to shareholders.
In pre-market activity on Nasdaq, shares of Strattec were up 0.01 percent, changing hands at $75.07, after closing Wednesday's regular session 1.20 percent higher.
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