AVON LAKE, OHIO (Oct. 12, 2 p.m. ET) — PolyOne Corp. said its board of directors has more than doubled the number of the company's shares available for repurchase.
The new authorization of 5.25 million shares brings the total shares available for repurchase to 10 million shares, or about 11 percent of the polymer producer's common stock outstanding. Prior to the announcement, the company had 4.75 million shares available for repurchase under a 2008 authorization.
PolyOne said it repurchased 2 million shares in the third quarter of 2011 and 1 million shares in each of the first two quarters of 2011. The company said it expects it will buy back shares through open market purchases or privately negotiated transactions from time to time. The number of shares to be purchased and the timing of the purchases will depend upon the prevailing market prices and other considerations, PolyOne said.
The authorization has no time limit and may be suspended or discontinued at any time.