Business Services Industry
Storagetek To Repurchase up to 4.5 Million Shares Of Its Stock
Business Wire, Sept 19, 1996
LOUISVILLE, Colo.--(BUSINESS WIRE)--Sept. 19, 1996--Storage Technology Corp. (NYSE:STK) announced today that its Board of Directors authorized the repurchase of up to 4.5 million outstanding shares of the company's common stock through a privately negotiated stock repurchase agreement.
The repurchased shares will be retired. There were approximately 61.2 million shares of StorageTek common stock outstanding at Aug. 2, 1996.
Storage Technology Corp., based in Louisville, Colo., designs, manufactures, markets and services, worldwide, information storage and retrieval subsystems for enterprisewide computer systems and networks. The company reported revenue of $1.93 billion in its fiscal year ended Dec. 29, 1995. Information on StorageTek is available on the World Wide Web at http://www.storagetek.com.
CONTACT: Storage Technology Corp.
Michael Klatman, 303/673-5020
michael_klatman@storagetek.com
or
David Reid, 303/673-4815
INDUSTRY: COLORADO
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
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