Moog’s board of directors has expanded the defense and aeronautics company’s share buyback program by another 5 million shares, as officials expect to complete the existing program by yearend.
The company’s current buyback, authorized on Jan. 24, 2014, authorized the repurchase of 4 million shares of Class A and Class B common stock, and 2,726,504 shares have already been acquired as of Aug. 12. With the amendment, the company can repurchase another 6,273,496 shares at the discretion of management.
“Given our continued strong cash flow we believe continuing our buyback program in 2015 is a prudent use of capital and will create further value for our shareholders,” said Chairman and CEO John Scannell in a statement. “In addition to our buyback program, we will continue our R&D investments to drive organic growth and look for adjacent acquisitions which complement our organic strategy.”