IXYS Corp. (Santa Clara, CA) announced that its board of directors has approved the repurchase of up to three million shares of its common stock, or approximately 11 percent of the company's 26.7 million shares of common stock currently outstanding.
"This decision reflects our confidence in our country's financial systems, as well as in our market position and strategy for future growth," said Nathan Zommer, president and CEO of IXYS. "We believe that the repurchase program is a good investment of available funds and underscores our commitment to enhancing stockholder value. The company's strong balance sheet will allow us to complete this stock repurchase program, while still leaving IXYS with sufficient funds to grow its business, including pursuing attractive investment opportunities."
The repurchases will be made from time to time on the open market at prevailing market prices, or in negotiated transactions off the market through block trades. The timing and amount of such repurchases will depend on market conditions.
