Xilinx to Buy Back Shares

The repurchase covers $600 million of stock.
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Xilinx

(XLNX) - Get Report

said its board approved a repurchase program that will allow the company to buy back up to $600 million of its common stock in the open market.

The maker of programmable chips said the repurchase will be funded using the company's working capital. As of Dec. 31, Xilinx had cash, cash equivalents and investments of around $1.7 billion.

"Xilinx is committed to returning value to our stockholders," the company said Monday. "During the past four quarters, the company purchased 11.6 million shares for approximately $306.4 million. The increase in our stock repurchase program is a reflection of our solid business model as well as confidence in our future growth prospects."

Shares of Xilinx were tacking on 1 cent at $27.71.