Fairchild Semiconductor To Buy Back Up To $100 Mln Shares

(RTTNews) - Fairchild Semiconductor (FCS), Thursday said its board has authorized the repurchase of up to $100 million of its common shares, before December 31, 2014. The buyback is expected to reduce the share count by about 6 percent based on the current stock price.

Mark Thompson, Fairchild's chairman and CEO said: "Fairchild has consistently reduced debt and strengthened its balance sheet during the last five years. We completed a significant investment cycle to increase our 8 inch wafer fabrication capabilities last year and now expect lower capital spending for many years. The operational efficiency actions we are planning should further increase our profitability and cash flow."