Lake Zurich=based Acco Brands Corp.'s board of directors have approved a stock buyback of up to $100 million in shares of its common stock.
Acco President and CEO Boris Elisman said the proceeds from the buyback would be used to pay down debt, make long term investments and "pursue strategic opportunities that may arise."
The maker of office and school products had approximately 114.2 million shares of common stock and abalance of cash and cash equivalents was approximately $92.3 million as of June 30. The number of shares to be purchased and the timing of purchases will be based on the company's stock price, leverage ratios, cash balances, general business and market conditions, and other factors, including alternative investment opportunities and working capital needs.
"Today's announcement illustrates our confidence in the long-term cash flow of the company and our commitment to increasing shareholder value," said Elisman.