The board of directors of Celadon Group authorized a stock repurchase program Wednesday, under which the company is authorized to purchase up to 2 million shares in open market or negotiated transactions through August 31, 2011.
"At recent stock prices and applicable interest rates, repurchasing our shares would be accretive to earnings, and we believe repurchasing our shares offers a potentially attractive use of capital," said Steve Russell, chairman and CEO.
Celadon Group Inc., through its subsidiaries, primarily provides long-haul, full-truckload freight service across the U.S., Canada and Mexico. The company also owns TruckersB2B Inc., which provides cost savings to member fleets; Celadon Dedicated Services, which provides supply chain management solutions, such as warehousing and dedicated fleet services; and Celadon Brokerage Services.
Celadon Announces 2 Million Share Buyback
The board of directors of Celadon Group authorized a stock repurchase program Wednesday, under which the company is authorized to purchase up to 2 million shares in open market or negotiated transactions through August 31, 2011
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