19 July 2000 00:25 [Source: ICIS news]
HOUSTON (CNI)--NL Industries said Tuesday its board of directors has authorised another 1.5m-share buyback programme at open market prices in a move that will recover approximately 3% of the firm's 50.4m outstanding shares.
Houston-based NL said the share purchases would be made "from time to time as the company's financial condition and market conditions permit." It noted too that the programme "may be suspended at any time" and may be terminated prior to completion.
The repurchased shares will be added to the company's general treasury and may be used for employee benefit plans, future acquisitions or other corporate purposes, the company said.
The company recently completed a 1.5m-share buyback programme launched in November last year.
NL's stock closed Tuesday on the New York Stock Exchange (NYSE) at $17.31/share, up 44 cent over its closing price Monday and near its 52-week high of $19 and well above its 52-week low of $9.75.
NL Industries is a major international producer of titanium dioxide (TiO2) pigments. The company had 1999 sales of $908.4m (Euro966m).
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