Published 06th July, 2010
Speciality additives and chemical manufacturer, Lubrizol, has authorised the repurchase of up 10% of its total share capital.
The cash-rich company intends to buy back as much as 7.2 million shares over the next two years, purchasing them on the open market or through private transactions. So far Lubrizol has already repurchased a little over 1.5 million shares for $125.5m.
Specialising in lube and fuel additives, Lubrizol has recently reported strong results and is projecting steady growth over the next few years. It plans to sustain margins in its additives business while boosting Advanced Materials margins.