Immucor adds 1 million shares to stock buyback program

New York, Dec. 13 - Immucor, Inc. said its board of directors has increased its stock repurchase program by 1 million shares.

"We have seen our cash balance grow significantly, weighed our alternatives and believe the best way to enhance shareholder value is by re-purchasing stock," said Gioacchino De Chirico, president of Immucor, in a news release.

The directors authorized the company to resume purchases under the old program on Nov. 11.

Since that time it has bought back 742,600 shares. With the extra 1 million share authorization, Immucor can now buy up to 1,260,150 shares.

Immucor is a Norcross, Ga., manufacturer of reagents and systems to identify cell and serum components of blood. Its stock closed at $24.50 on Tuesday.

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