NEW YORK Standard Motor Products’ (SMP) board of directors has authorized the purchase of up to $5 million of its common stock under a stock repurchase program. Stock will be purchased from time to time, in the open market or through private transactions, as market conditions warrant. SMP said it intends to fund the stock repurchase program through its revolving credit facility.
The stock repurchase program may be suspended or discontinued at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes, including funding existing equity compensation plans.