Teledyne Technologies Inc. said Wednesday it will repurchase more than 1 million shares of its common stock for about $100 million.
The Thousand Oaks aerospace, marine and energy products manufacturer is buying the shares from an unnamed financial institution. The institution in turn will purchase an equivalent number of shares on the open market over the term of the transaction.
The deal is part of a 2.5 million share repurchase program authorized by Teledyne’s board in January. The following month the company repurchased 1.5 million shares from an unnamed financial institution for $142 million.
Shares closed down 39 cents, or a fraction of a percent, to $91 on the New York Stock Exchange.