UPS ( UPS) said its board approved a buyback covering up to $2 billion of the shipping company's common stock.

The repurchase will replace the roughly $50 million that remained available under the February share buyback authorization, which was also for $2 billion.

Purchases under the program may be made from time to time in open-market or privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time.

UPS closed at $74.75 and rose 43 cents to $75.18 in extended trading.