Aug. 21--School and office supply maker ACCO Brands said Thursday it plans to buy back $100 million in shares of its common stock.
The Lake Zurich-based company will use the funds to pay down debt, "make long term investments and pursue strategic opportunities," according to Chief Executive Officer Boris Elisman.
The company says it has roughly 114.2 million shares of common stock and its balance of cash and cash equivalents is roughly $92.3 million. Shares of ACCO Brands closed Wednesday down more than one percent at $7.24.
(c)2014 the Chicago Tribune
Visit the Chicago Tribune at www.chicagotribune.com
Distributed by MCT Information Services