Benchmark Electronics, Inc. (NYSE: BHE) said its board of directors has approved the repurchase of up to an additional USD100 million of the company´s outstanding shares of common stock.
This repurchase program is in addition to the current 2014 repurchase program, which also authorized the company to purchase up to USD100 million of its outstanding common shares.
Since January 1, 2015, the company has repurchased approximately 2.3 million shares, totaling USD52.3 million, which includes the repurchase of 620,000 shares, totaling USD12.9 million, since October 1, 2015. The company has USD37.8 million remaining under the 2014 repurchase program, and has USD137.8 million remaining with the additional authorization announced today.
Share repurchases under both programs may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the company´s management, and subject to market conditions.
Benchmark provides integrated manufacturing, design and engineering services to original equipment manufacturers of industrial equipment (including equipment for the aerospace and defense industries), telecommunication equipment, computers and related products for business enterprises, medical devices, and test and instrumentation products.