West reveals 1m share repurchase programme

US-based West Pharmaceutical Services, a manufacturer of closure systems and syringe components for use with injectable drugs, has said that its board has approved a share repurchase programme of up to one million shares of its common stock.

The programme will go into effect immediately and allow the company to repurchase its shares on the open market or in privately negotiated transactions in accordance with the Securities and Exchange Commission. The programme should complete within one year.

Donald E Morel Jr, West's chairman and CEO , said: "The current valuation of West stock makes repurchases a solid investment and represents an attractive opportunity to enhance long-term shareholder value."

"The board's action reflects our great confidence in our long-term business plan, the strength of our balance sheet and strong operating cash flow. From a financial perspective, we are well-positioned to fund our expansion activities, invest in growth opportunities through our Innovation Programmes, pay a dividend and buy back shares, which taken together, will create value for our shareholders," added Morel.