Hydril Plans Buyback

It sets aside $150 million for the purpose.
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Hydril

(HYDL)

, a maker of premium connections and pressure control products used in oil and gas industry, said Thursday its board approved a repurchase of up to $150 million of its common stock.

The Houston-based company also named Christopher T. Seaver as chairman of the board, replacing Richard C. Seaver, who will be chairman emeritus and will remain a director.

Christopher Seaver has been a CEO and a director of the company since 1997, and president since 1993, after joining Hydril in 1985.

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