Paccar Inc. announced Wednesday that it had successfully completed the repurchase of 2 million of its common shares
pursuant to a repurchase program authorized by its board of directors and announced on April 27, 2004.
The shares were repurchased at an average price of $53.86 for a total investment of approximately $108 million.
"Paccar's positive action supports its belief that its shares are undervalued and represent an outstanding long-term investment opportunity, reflecting the strong performance of the company's global businesses for 99 years," said Mark C. Pigott, chairman and chief executive officer.
"In addition to the share repurchase program, Paccar has steadily invested in new products, facilities and information technology, throughout all phases of the business cycle, and is benefiting from those strategic investments," added Pigott. "Recently completed capital projects include: opening of Kenworth's new 24,000-square-foot research and development center; the completion of Paccar Parts' distribution center expansions in Leyland, U.K., and Atlanta, Georgia, of 97,000 and 80,000 square feet, respectively; and successful commissioning of paint robotics at Kenworth and Peterbilt manufacturing facilities."