- On Assignment (NYSE:ASGN) announces that its board approved a new stock buyback allowance of $150M over the next two years.
- The company says the program is effective immediately and supersedes the previous $100M repurchase authorization ($98 million was remaining under the authorization).
- "The reduction in our leverage ratio reflects our strong free cash flow generation (which we used to pay down debt). We are trending to reduce our leverage ratio to below 2.5 times prior to the end of the third quarter. We believe that the repurchase program is currently an attractive way for us to return value to our stockholders and does not preclude us from pursuing attractive business development opportunities," notes CEO Peter Damaris.
- Source: Press Release