Perma-Pipe authorizes $3 million stock repurchase

NILES - Perma-Pipe International Holdings Inc. said its board of directors has authorized a $3 million share repurchase program.

Stock repurchases may be executed through open market or in privately negotiated transactions over the course of the next 12 months. The specific number of shares that the company will ultimately repurchase, and the actual timing, per share price and amount of share repurchases, will be dependent on future market conditions and other factors, Perma-Pipe said.

The company is a global maker of pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling systems, and other applications. In total, Perma-Pipe has operations at 13 locations in six countries.