Consumer audio components maker Harman International Industries (NYSE: HAR ) announced today it is authorizing up to $200 million worth of its stock to be bought back over and above the $70.7 million left under its current repurchase program, which was launched in October 2011. That buyback plan had also been for $200 million.
"We are pleased to announce this increase in our total share buyback after yesterday's announcement of the doubling of our dividend for fiscal 2014," said Harman CEO Dinesh C. Paliwal. "Given our strong balance sheet and projected cash flows, we believe that this two- pronged approach to cash distribution delivers excellent shareholder value."
The buyback program allows Harman to purchase its shares on the open market or through privately negotiated transactions during the authorized 12-month period. Harman cautions the program could be suspended or discontinued at any time without advance notice.