AAR CORP. (NYSE: AIR) today announced that its Board of Directors authorized the repurchase of up to $250 million of the Company's common stock.
David P. Storch, Chairman and Chief Executive Officer of the Company, commented: "We have repurchased 6,264,000 shares for approximately $187 million since our last Board authorization of $250 million in March 2015. This new authorization replenishes our program, increasing our remaining authority of $63 million back up to $250 million."
Mr. Storch continued, "The timing and the number of shares that we repurchase will depend on various factors, including price, general business and market conditions, and competing uses for our cash."
The Company's stock may be repurchased in the open market or in privately negotiated transactions. The repurchased stock will be held as treasury shares and may be reissued for various corporate purposes. There is no expiration date on the stock repurchase authorization.