MILPITAS, Calif., Sept. 17 -- Solectron Corporation, a global provider of electronics manufacturing and supply-chain management services, said its board of directors has authorized a $200 million stock repurchase program.
Under the program, the company may repurchase its common shares in the open market beginning when New York Stock Exchange trading resumes today, and from time to time thereafter. Repurchases will be funded by the company's cash resources. Solectron has 658.3 million shares of common stock outstanding.
"With this authorization, our board is demonstrating confidence in the financial markets and in the strength of Solectron," said Kiran Patel, executive vice president and chief financial officer for Solectron.
Separately, Solectron issued a news release reporting its fourth-quarter and fiscal 2001 financial results, reporting a 32 percent sales growth in the fiscal year.