Transportation service provider YRC Worldwide Inc. on Friday said its board approved a plan to repurchase up to $100 million of its common stock.
The repurchase program does not have an established expiration date, and the company may repurchase its shares in the open market.
"Our plans to pay down $100 million of debt in 2006 remain unchanged," said Bill Zollars, chairman, president and chief executive, in a statement.
YRC Worldwide is the holding company for brands including Yellow Transportation, Roadway and Reimer Express. The company has about 57.4 million shares outstanding.
Shares of YRC climbed 79 cents, or 2.1 percent, to $39.08 in morning trading on the Nasdaq. The stock has traded between $36.07 and $57.08 in the past 52 weeks.
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