LINCOLNSHIRE, Ill., May 23, 2011 /PRNewswire/ -- Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that the company's Board of Directors has authorized the repurchase of up to three million shares of Zebra Technologies Corporation Common Stock, which represents approximately 5.5% of total shares outstanding. This authorization, which has no expiration date, is in addition to the 750,000 shares of Common Stock remaining under a previous purchase authorization. These purchases would be made from time to time, in the open market or in private transactions.
Since 2005, Zebra has used more than $600 million to repurchase approximately 21 million shares of Zebra stock and reduce outstanding shares by 24%. Zebra currently has approximately 54.6 million shares of common stock outstanding.
"Repurchasing Zebra shares remains an attractive use of Zebra's cash resources, in addition to investing in products, channels and markets to support long-term profitable growth," stated Anders Gustafsson, Zebra's chief executive officer. "This recent authorization underscores the Board's continuing confidence in the company's capacity for further growth and creation of shareholder value."
About Zebra Technologies
Zebra Technologies Corporation offers the broadest range of enabling solutions to identify, track, and manage critical assets, people and transactions for improved business efficiencies. Serving more than 90 percent of Global Fortune 500 companies in more than 100 countries around the world, our specialty on-demand printing, RFID and enterprise location solutions help customers create smarter and more connected infrastructures, resulting in significant improvements in visibility and business performance. For more information about Zebra's solutions, visit http://www.zebra.com.
SOURCE Zebra Technologies Corporation