LSI Logic announces five-million share common stock repurchase program
MILPITAS, Calif., July 28, 2000 LSI Logic Corporation (NYSE:LSI) announced today that it has been authorized by its Board of Directors to institute a stock repurchase program in which up to five-million shares of its common stock may be repurchased in the open market from time to time.
"We are optimistic about LSI Logic's outlook and we believe repurchasing shares of our Common Stock at the present valuation levels is beneficial to our shareholders," said Wilfred J. Corrigan, LSI Logic chairman and chief executive officer.
He added that LSI Logic will utilize the repurchased shares in connection with employee stock option programs and for other general corporate purposes.
