The Board of Directors for C.H. Robinson Worldwide (NASDAQ: CHRW) has announced plans to increase its buyback authorization.

The transportation service business may now repurchase an additional 15 million shares, on top of the 8.7 million shares that are leftover from the company's most recent prior authorization. In August 2012, the company's Board approved a share repurchase authorization of 10 million shares.

John Wiehoff, C.H. Robinson's CEO and Chairman of the Board, was quoted in the company press release as saying he believes the new repurchase authorization "reflects our strong financial foundation and our commitment to building long term shareholder value," and he said that "while shorter term earnings growth will remain challenging, we are confident in our long term strategy and ability to execute."

CHRW shares closed Friday at $57.20.

C.H. Robinson says it has entered into a $500 million accelerated share repurchase program with Morgan Stanley and JPMorgan Chase Bank that will allow the company to receive an "initial delivery" of 6,118,882 shares. Since the beginning of 2013, C.H. Robinson has seen its stock drop roughly 8.5%, from $62.44 closing on Dec. 31, 2012, to $57.20 closing on Aug. 23, 2013.

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