Insteel may repurchase up to $25M shares |
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Published
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Wed, 10 Jan 2007 16:01
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MOUNT AIRY, N.C. (AFX) - Insteel Industries Inc., a maker of steel wire reinforcing products, said Wednesday it will buy back up to $25 million shares up stock over the next year.The company had 18.2 million shares of stock outstanding as of Jan. 9. At the Jan. 9 closing price of the stock, the buyback program represents 8 percent of shares outstanding.The program replaces Insteel's existing $15 million buyback program, set to expire on Jan. 12. Under that program, Insteel bought back $8.5 million shares.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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