MOUNT AIRY -- Insteel Industries Inc. said Tuesday that its board of directors has authorized the repurchase of up to $25 million of its outstanding common stock.
The new authorization is effective immediately and permits repurchases in the open market or in privately negotiated transactions. The company had 17.5 million common shares outstanding on Monday. The repurchase program could represent 19 percent of its outstanding stock.
The new authorization replaces a previous authorization to repurchase up to $25 million of common stock which was to expire Dec. 5. The company had repurchased about $6.2 million, or 704,683 shares, of its common stock under this previous authorization.
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