Seagate Reveals New $2.5 Bln Stock Buyback Authorization

(RTTNews) - Seagate Technology plc (STX) said Wednesday that its Board of Directors has authorized the company to repurchase up to $2.5 billion of its outstanding ordinary shares.

As a result of the latest authorization, Seagate currently has an aggregate authority to repurchase about $3.1 billion of its ordinary shares.

"The repurchase authorization reflects the confidence that the Board and the executive management team have in Seagate's ability to generate cash, while still investing in innovation and growth opportunities," said Steve Luczo, Seagate's chairman and chief executive officer.