NEW YORK — Standard Motor Products, Inc., an automotive replacement parts manufacturer and distributor, has announced that its board of directors has authorized a $3.3 million increase in the company’s stock repurchase program. The program is in addition to the company’s existing stock repurchase program, under which the company recently repurchased approximately $1.7 million of stock. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes, including funding existing stock plans. The amount and timing of the repurchases will depend upon market conditions.
Lawrence Sills, Standard Motor Products’ chairman and chief executive officer said, "At current market levels, we believe our stock represents an attractive investment opportunity, and our repurchase program reflects our ongoing commitment to enhance shareholder value."
In addition, Standard Motor Products has announced Pamela Forbes Lieberman has been appointed as an independent director to the company’s board of directors, effective Aug. 15. Lieberman will serve on each of the committees of the board of directors. Lieberman previously served as the president and CEO of True Value Corp. and is a certified public accountant.
Sills said, "We are very pleased to welcome Pamela to our board. We believe that based on her business background and leadership skills, she will be a valuable asset to our organization, and we look forward to her contributions to our company."
