Lance Ready for Buyback

The Nip Chee company says it wants to build long-term value.
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Snackmaker

Lance

(LNCE)

set plans to begin buying back stock under an existing million-share authorization.

The Charlotte, N.C., purveyor of Toast Chee and Nip Chee said the buyback could run through Jan. 31. The news comes less than a month after the company lost its finance chief, Clyde Preslar, to Canadian cola pusher

Cott

(COT) - Get Report

.

"We believe that this repurchase program is an excellent opportunity to build long-term value for our stockholders and demonstrates the confidence we have in our company," said CEO David Singer. "Our strong balance sheet and cash flow enable us to repurchase shares while investing in our strategic growth plans."

On Thursday, Lance shares dropped 15 cents to $15.73.