Varian Semiconductor

(VSEA)

said its board authorized the repurchase of up to 2 million of the company's common shares.

Varian Semiconductor has about 32.1 million common shares outstanding. As of Sept. 29, the company had $122 million in cash and cash equivalents.

Shares of Varian were recently trading down 56 cents, or 2.5%, to $21.88 in late afternoon

Nasdaq

trading.