NEW YORK (GenomeWeb News) – On the heels of a just-completed share repurchase program, Tecan has initiated another stock buyback program on the SWX Swiss Exchange.
Männedorf, Switzerland-based Tecan said today that it has completed its share repurchase program on the “first trading line,” which began Jan. 9, 2007, on the SWX Swiss Exchange. During that program, the firm bought 627,287 shares, or 5.2 percent of its share capital.
Tecan said it now owns 1,045,310 — or 8.65 percent — of its share capital.
The laboratory instrument firm will now embark on a second buyback program on a "second trading line," after which the shares will be cancelled and the share capital will be reduced accordingly. It said the program is limited to a maximum of 10 percent of the firm’s share capital.
Thomas Bachmann, CEO of Tecan, said that fiscal year 2007, “with the marked increase in profitability and our strong cash position put us in a position that allows us to pay back excess cash to our shareholders.”