Standard Motor Products Announces New Stock Repurchase Program
July 31, 2015—Standard Motor Products Inc. announced on Thursday that its board of directors has authorized the purchase of up to an additional $10 million of its common stock under a stock repurchase program. This is in addition to the $10 million repurchase program that was previously authorized by the board in February, of which approximately $3 million remains outstanding.
The company intends to fund the stock repurchase program through its revolving credit facility. The stock repurchase program may be suspended or discontinued at any time. Any repurchased shares will be held as treasury stocks and available for general corporate purposes, including funding existing equity compensation plans.