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Sturm, Ruger to buy back shares


Published : Fri, 26 Jan 2007 22:54
By : Agencies
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SOUTHPORT, Conn. (AFX) - Firearms maker Sturm, Ruger & Co. said Friday its board has approved a plan to repurchase up to $20 million of its shares.

Sturm currently has about 22.6 million shares outstanding.

The company has reduced inventory and it is planning to sell its non-manufacturing property that appears to have market value 'substantially in excess' of their book value.

Shares rose 9 cents to close at $10 on the New York Stock Exchange.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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