Wallingford electronic cable and connector maker Amphenol Corp. plans to buy back as much 11 percent of its 175.5 million outstanding shares of common stock over the next three years.
Amphenol announced board approval to repurchase as many as 20 million shares of common between now and Jan. 31, 2014.
The company said it will dip into its horde of cash and available credit to finance the purchases.Â
Timing of the buybacks will hinge on a number of factors, including its stock price and whether there are more pressing needs for its cash and credit line.
Amphenol’s electronic and fiber optic cable and connectors are used in personal and commercial mobile telecomm gear and in missile systems and other military hardware.
At 11 a.m., Amphenol shares were up 1.5 percent at $56.15.
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