Core-Mark board authorizes share repurchase program

By Lisa Kerner

Charlotte, N.C., March 14 - Core-Mark Holdings Co., Inc.'s board of directors authorized the company to repurchase up to $30 million of Core-Mark common stock.

The authorization follows the completion of Core-Mark's strategic review process. Morgan Stanley & Co. assisted with the review.

Core-Mark chairman Randolph I. Thornton said the best course of action at this time is for the company to return capital to its shareholders. The board also decided that the company should continue to execute its strategic plan given current market conditions.

According to a company news release, Core-Mark plans to fund most of the share repurchases using excess cash.

Core-Mark is a San Francisco-based distributor of packaged consumer products to the convenience retail industry.

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