DOW JONES NEWSWIRES
Thermo Fisher Scientific Inc. (TMO) said its board authorized the repurchase of an additional $750 million in stock, taking advantage of the recent market volatility to put its cash holdings to work.
The new repurchase authorization will remain in effect through Nov. 9 of next year. As of Friday, the company had $25 million remaining under its existing share repurchase plan, which expires Feb. 22. Its market value is $18.1 billion.
Thermo Fisher sells its products, ranging from analytical instruments to lab equipment and services, to labs and research operations. The company in August completed a EUR2.47 billion acquisition of Swedish allergy-testing company Phadia AB, a purchase it expects to add earnings this year and expand the company's presence in high-growth specialty diagnostics markets.
Last month, Thermo Fisher said its third-quarter earnings slipped 1.2% as higher costs weakened margins and offset revenue growth. The company also lowered its full-year guidance.
Shares closed Thursday at $47.73 and were inactive premarket. The stock is down 9.2% over the past three months.
-By Lauren Pollock, Dow Jones Newswires;