Cupertino-Based Seagate to Repurchase Another $1 Billion in Stock

Cupertino, Calif. -- Seagate Technology, a Cupertino-based maker of hard disk drives and storage devices, said it plans to repurchase an additional $1 billion of company stock The news drove company shares up 5% in heavy trading on the Nasdaq. To date, the company has utilized approximately $1.1 billion of the $2 billion share repurchase authorization approved by its board in late 2010, buying back 67.8 million shares. Seagate said it expects to use the remaining portion by the end of June. "The board and the management team remain confident in the company's ability to maintain a strong balance sheet and sustain exceptional cash generation from the business," said Steve Luczo, Seagate's chairman, president and CEO.
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