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Elelctronics test equipment maker Teradyne Inc. has been given the go-ahead by its board of directors for a $200 million stock repurchase program, buying up shares of its common stock in the open market or through private sales.
Mike Bradley, president and CEO of Teradyne, said in a statement that the buyback “delivers value to shareholders while preserving our ability to operate and grow the business.” North Reading-based Teradyne (NYSE: TER) is trading at about $12.50 per share, just under its 52-week high of $13.87 but well above its 52-week low of $8.52 per share. However, in mid-2007, before the recession, Teradyne stock was trading more in the $17 range.
Teradyne does seem to have weathered the recession well. In July, the company reported revenue for the second quarter of $455 million, a massive 168 percent jump from the $169.6 million it posted in the same time frame in 2009. Founded in 1960, Teradyne lists about 3,000 employees worldwide.
In March of 2009, Teradyne offered $150 million worth of convertible notes in an effort to raise capital in an effort to terminate its senior secured credit facility, and for general corporate purposes.
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