Thor Industries Inc. has entered into a repurchase agreement to regain ownership of more of its common stock, the Elkhart, Ind.-based company announced Tuesday (May 19).

In a private transaction with The Thompson Family Foundation, Thor purchased 1 million shares of its common stock at $60 per share, according to a news release. The $60 million worth of shares were purchased with Thor’s available cash and represented just under 2% of the company’s issued and outstanding common stock.

The repurchase is out of the desire to use the company’s cash on hand to return more ownership to its shareholders, Jeff Tryka, director of corporate development and investor relations, told the South Bend Tribune. This is the second time in recent years Thor repurchased its stock.

Tryka said they repurchased about 2 million shares in 2012. That cost was also about $60 million because the shares were purchased at a lower price.

Looking foward, Tryka said, there are currently no future approvals by Thor’s board of directors to repurchase more stock. The company’s cash priorities remain the same, he said, which is first to grow the business.

The company’s stock dropped 19 cents Tuesday to close at $61.92 on the New York Stock Exchange.