Diesel pusher chassis supplier Spartan Motors Corp. completed the repurchase of 558,000 shares of its own stock, the company announced today.
Spartan paid an average of $4.19 a share to buy-back its stock on the open market.
Spartan’s board has authorized the repurchase of up to 2 million shares and company President John Sztykiel said it will continue buying back its own stock.
Two million shares represents 16% of Spartan’s total outstanding shares.
Spartan shares closed unchanged today at 4 1/16 in Nasdaq Stock Market trading.