, a maker of pumps, valves and mechanical seals, said Friday that its board authorized the company to repurchase up to 2 million shares of its outstanding common stock, beginning after the filing of its third quarter 2006 Form 10-Q in November.
"Future share repurchases should help reduce dilution resulting from stock issuances under the company's employee stock compensation plans," said the company.
As of Sept. 25, 2006, the company had about 56.5 million shares outstanding.
Shares fell $1.72 Monday to $48.87.
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