WESTPOINT BOARD OK’S BUYBACK
WEST POINT, Ga. — WestPoint Stevens Inc. said Tuesday its board approved the repurchase of up to one million shares of common stock.
The firm’s current credit facilities limit the stock buybacks to $15 million.
WestPoint has approximately 33 million shares outstanding.
Holcombe T. Green Jr., chairman and chief executive officer, said the board authorized the buyback because it believed the stock was a good investment.
WestPoint Stevens stock closed at 14 1/4, up 3/8 Tuesday in over-the-counter trading.
— Fairchild News Service