The board of directors of leading contract manufacturer Sanmina (SANM +2.50%) has authorized a $100 million share repurchase program, the company said yesterday.
While the stock repurchase program has no expiration date, the timing of the buyback and the number of shares that will be bought depend upon market conditions and other factors, the company said. Share repurchases will be made in the open market or in negotiated transactions off the market, but may be started or suspended at any time without prior notice.
At its closing stock price yesterday of $11.38 per share, the buyback would amount to some 10% of Sanmina's outstanding shares.
