Xerox to buy back stock

17 Jun 2002

(Reuter) Xerox says that its board has authorized the buyback of up to $1 billion of its common stock on the open market. The company says based on current prices, the repurchase is expected to reduce the number of outstanding shares by about 7 percent. Stamford, Conn.-based Xerox had 108.3 million shares outstanding as of Dec. 31.

The decision was made "in recognition of the opportunities in the global document processing market, and the company's strong financial position and cash flow," said Paul Allaire, Xerox chairman and chief executive.