Clarcor board of directors approves $250 million stock buy back program

Clarcor board approves $250M stock buy back

FRANKLIN, Tenn. — Clarcor Inc. said Friday that its board of directors has authorized a $250 million stock buyback.

The filter and packaging producer will purchase shares over the next three years as part of the program. It said the actual number of shares and the value of those shares will be determined by market conditions and Clarcor’s stock price.

The board’s move replaces a similar buy back provision that will expire Friday.

Clarcor shares rose 83 cents, or 2.3 percent, to $36.48 in morning trading Friday.