Bio-Rad Laboratories
(NYSE: BIO)
announced that its board of directors approved a new share repurchase program.
The program grants the company authority to repurchase up to $500 million in outstanding shares of its common stock.
“The new share buyback authorization is consistent with our disciplined approach and demonstrates our continued commitment to using this tool as part of our capital allocation strategy,” said Norman Schwartz, Bio-Rad CEO.
Bio-Rad previously announced on June 5 that it completed the repurchase of all of its common stock. This came under authorization from a previous share repurchase program approved by the company’s board.
According to a news release, the company may make repurchases at management’s discretion from time to time in the open market. They can also take place through privately negotiated transactions under the terms of the new repurchase program. This new program has no time limit and Bio-Rad may suspend or discontinue it at any time.
Bio-Rad said it can make any shares acquired available for general corporate purposes. This includes supporting employee stock plans, funding acquisitions and minimizing dilution from stock issuances.
Hercules, California-based Bio-Rad develops, manufactures and markets a range of products for the life science research and clinical diagnostics markets.
