TOLEDO, Ohio - Dana Corp.'s board of directors has approved an additional stock buy-back plan that will allow the company to purchase an additional $250 million (all figures in U.S. dollars) of its co...
TOLEDO, Ohio – Dana Corp.’s board of directors has approved an additional stock buy-back plan that will allow the company to purchase an additional $250 million (all figures in U.S. dollars) of its common stock in the open market or in privately negotiated transactions by year end.
Last April, Dana’s board authorized a stock repurchase of $350 million through October 2000.
About $100 million was repurchased by the end of 1999 and the board expected the balance to be completed in advance of the expiration date. That reality combined with the opportunity presented by the current value of Dana stock prompted the move to approve the additional buy-back.
“Given the current under-valuation of Dana stock, we are fortunate that our balance sheet and strong cash flow allow us to be in a position where we can step up our repurchase activities,” says Southwood Morcott, Dana’s chairman.
In other Dana news, the board gave company president and CEO Joe Magliochetti the additional duty of board chairman, effective following Dana’s annual meeting April 5. He succeeds Morcott, who announced his retirement last October.
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