Nidec Expands Own Share Repurchase Plan
Nidec Corporation (NYSE: NJ) announced Friday that its Board of Directors has authorized a modification to its own share repurchase plan resolved at a meeting of the Board of Directors held on February 5, 2012. The authorization increases the number of own shares purchasable under the plan from 3,000,000 shares to 5,000,000 shares, raising the total authorized amount from 25 billion yen to 40 billion yen.
The decision to expand the own share repurchase plan is part of the Company's efforts to ensure capital flexibility in the fast-changing business environment. As of June 8, 2012, a total of 2,114,100 shares had been repurchased under the current plan.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.