Celestica (TSE:CLS) has released an update.
Celestica Inc. has received approval from the Toronto Stock Exchange for the early renewal of its normal course issuer bid, allowing the company to repurchase up to 8.6 million common shares over the next year. This move, funded by existing cash and credit, aims to optimize Celestica’s capital structure and is seen as a strategic use of funds. The company had previously repurchased nearly 3 million shares under the existing bid at an average price of $43.28 per share.
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