United buys back $200 million worth of shares

 

17 August 2007 — Deerfield (IL): United Stationers’ board of directors has approved an expanded stock repurchase programme of an additional $200 million worth of common stock.

 

CEO Dick Gochnauer said: "We recently amended our credit agreement to increase our borrowing capacity as well as to provide greater flexibility for share repurchases. This, combined with our ability to generate strong cash flow, allows us to return value to our shareholders through a continuing share repurchase programme."

 

This buyback of $200 million is in addition to the $100 million authorised on 9 May. The company has approximately $32 million remaining under this previous authorisation.

 

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