NEW YORK (AP) -- Skin care and cosmetics maker Estee Lauder Cos. said Friday its board authorized the repurchase of up to an additional 20 million shares, or about 10 percent of its outstanding stock. To date, the company has bought back 62.5 million shares. The latest authorization increases its total repurchase plan to 88 million shares.
Estee Lauder will repurchase shares in open market or private transactions, and it will use shares for general corporate purposes. Repurchases will be funded with cash on hand or borrowings.
Shares of Estee Lauder have traded between $38.41 and $52.31 over the past 52 weeks and closed Thursday at $41.08.
