LIONVILLE, Pa. (Aug. 13) — Medical components manufacturer West Pharmaceutical Services Inc.´s board of directors has approved a share repurchase program of up to 1 million shares of its common stock, the company said.
The program, which goes into effect immediately, will allow West to repurchase its shares on the open market or in privately negotiated transactions from time to time in accordance with the requirements of the Securities and Exchange Commission, the company said. The timing of such transactions will depend on a variety of factors — including market conditions — but the program is expected to be completed within one year.
The current valuation of West stock makes repurchases "a solid investment and represents an attractive opportunity to enhance long-term shareholder value," said Donald E. Morel Jr., the company´s chairman and CEO. The board´s action reflects the confidence in West´s long-term business plan and the strength of its balance sheet and operating cash flow, he said.