Kemet Corp. said Monday it will repurchase up to 4 million shares of its common stock, the second stock buy-back it has undertaken in less than a year. The Simpsonville company's board of directors authorized the repurchase of the shares on the open market, and the company said the amount and timing of its buys will depend on market conditions and other factors. Kemet has 87.6 million shares of stock outstanding, with the company holding 25.4 million. The repurchases will be funded from existing cash. Last August, the company authorized the buy back of another 4 million shares, which has been completed.
Stock repurchases are common, especially when prices are low and companies have excess cash.
Kemet had a banner year for the 12 months ended March 31. Kemet is the world's largest manufacturer of solid tantalum capacitors, which are used in the production of computers and cell phones. The Greenville News .