SOUTH SAN FRANCISCO, Calif. -- Core-Mark Holding Co. Inc., one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, has announced that its board of directors has authorized the company to repurchase an additional $30 million of the company's common stock.
"The board's action is a clear sign of its continued confidence in Core-Mark's ability to consistently generate free cash flow," said Thomas Perkins, president and chief executive officer of South San Francisco, Calif.-based Core-Mark.
"We continue to invest in our growth with purchases of assets including those obtained through acquisitions as well as fund dividends and a share repurchase program, all of which we believe create shareholder value," he said.
Under this program, the company is authorized to repurchase shares, from time to time, through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan. The timing, price and volume of repurchases will be based on market conditions, relevant securities laws and other factors. This share repurchase authorization is in addition to the $2.3 million remaining under the existing program as of March 31, 2013.
Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 30,000 customer locations in the United States and Canada through 28 distribution centers. Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products.
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