Standard Motor Products Announces $5M Increase in Stock Repurchase Program
Standard Motor Products, Inc. (NYSE: SMP) today announced that its Board of Directors has authorized the purchase of up to an additional $5 million of its common stock under a stock repurchase program. This increase is in addition to the completed $5 million repurchase program authorized by the Board on August 25, 2011.
Stock will be purchased from time to time, in the open market or through private transactions, as market conditions warrant. The Company intends to fund the stock repurchase program through its revolving credit facility. The stock repurchase program may be suspended or discontinued at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes, including funding existing equity compensation plans.
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