Harman International Industries, Inc. (HAR) on Friday provided an update on its previously announced $200 million share repurchase program.
As of June 14, the company has repurchased just over $100 million of company common stock, which represents more than half of the amount authorized by its Board in October 2011.
Dinesh Paliwal, President, Chairman, and CEO of Harman, said, "We believe the repurchase of our shares represents a sound investment decision for our Company given recent trading prices. If the price of our shares remains at or around the current market price level, we plan to continue to buy back our shares in accordance with the economic parameters of the repurchase program, as approved by our Board."
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