Motorcar Parts of America Inc. (MPA) announced that its board of directors has authorized a share repurchase program increase to $15 million of the company’s outstanding common stock from time to time in the open market and in private transactions at prices deemed appropriate by management.
The company’s previous share repurchase program was limited to $10 million. MPA has approximately 18.7 million shares outstanding.
“This share repurchase program is consistent with our commitment to increase shareholder value. We will continue to pursue initiatives such as complementary acquisitions and other related activities to further the company’s sales and earnings growth potential,” said Selwyn Joffe, chairman, president and CEO.