American President Buys Back Stock

American President Cos. says the expenditure of more than $78.6 million to repurchase more than 3.8 million shares of its common stock from Itel Corp. will have a limited effect on its operations in the coming year.

Director of corporate finance and investor relations spokesman Randall Gausman said that the stock buyback for $20.50 a share will not change the company’s dividend policy or prevent it from making needed capital expenditures. He says the company expects to payback the loan in a reasonably short period of time.

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