Graco authorizes share buyback, declares dividend

MINNEAPOLIS (AP) — Graco Inc., which makes fluid handling systems and components, said Friday its board of directors authorized the repurchase of up to 6 million of its shares. It also announced a regular quarterly dividend.

The company said the plan called for the repurchase of the shares through Sept. 30, 2012. Graco currently has about 3 million shares left to purchase under its current plan, which expires Sept. 30 this year.

Graco also declared a regular quarterly dividend of 19 cents per share payable Nov. 4 to shareholders of record at the close of business on Oct. 19.

Pat McHale, Graco's president and CEO, said the moves reflect the company's "strong historical financial performance as well as our outlook for future profitable growth."

Shares of Graco rose 62 cents, or 2.1 percent, to $30.02 in afternoon trading.