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Garmin board OKs new buyback

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By AP
06 June 2008 @ 03:43 pm EST

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NEW YORK - Personal navigation device maker Garmin Ltd. said Friday that its board approved a buyback of up to 10 million of the company's common shares.

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GRMN

15.77

0.55

The purchases may be made from time to time on the open market or in negotiated transactions. The program expires on Dec. 31, 2009.

The company said it recently completed a repurchase program approved in February for 5 million shares.

Garmin shares fell $1.62, or 3.1 percent, to $51.06 in afternoon trading.

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