Align Technology (NSDQ:ALGN) announced that its board of directors authorized a new stock repurchase program worth up to $1 billion.
Tempe, Ariz.–based Align may purchase up to $1 billion of its common stock over the next three years under the repurchase program, according to a news release.
Align said the authorization of the repurchase program follows a $600 million authorization from May 23, 2018, for which the company entered into a $100 million accelerated repurchase transaction on April 30 of this year. That transaction is intended to complete the earlier repurchase program.