Cooper Tire & Rubber Co. has authorized the repurchase of up to $100 million worth of the company's common stock through open market transactions.
The decision was made by the company's board of directors.
This authorization "supersedes and effectively cancels the previous share repurchase program authorized by the board in February of 2005," says the company.
Cooper Tire's stock price closed at $14.67 on the New York Stock Exchange on Friday, Nov. 16. That compares to a 52-week high and low of $28.02 and $13.23, respectively.
