The board of US poultry firm Sanderson Farms has approved a plan for the company to buy back up to 225,000 shares over the next four years.
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Under the programme, Sanderson may purchase shares “from time to time” at prevailing prices in open market transactions.
Sanderson has approximately 20.3m shares of common stock outstanding.
“The primary purpose of this repurchase program is to allow the company to offset dilution resulting from our equity compensation programs,” said Joe Sanderson, chairman and CEO. “It also represents a good use of our corporate funds and reflects our confidence in Sanderson Farm’s future.”
While poultry producers in the US have been struggling due to higher costs, with the likes of Pilgrim’s Pride cutting back its operations, Sanderson appears to have bucked this trend.
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By GlobalDataThe company recently announced planned investment in capacity expansion.
