US spice giant McCormick & Co has entered into a pre-arranged stock repurchase plan.

The firm said on Friday (20 August) that it will repurchase shares of its common stock as part of the company’s previously announced repurchase authorisations.

The plan will operate in accordance with guidelines specified under the Securities Exchange Act and consistent with McCormick’s policies regarding stock repurchases.

The firm said it may use a portion of the previously announced authorisations to repurchase shares of common stock during specified time periods concurrent with the end of the company’s fiscal quarters, at prevailing prices and subject to market conditions and other factors.

As of 20 August, US$404m is available under current repurchase authorisations, which have no expiration date.

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By GlobalData