FRITZ TO BUY BACK SHARES
San-Francisco-based forwarding group Fritz Co., Inc. said that its board of directors has authorized the purchase of up to $20 million of the company’s common stock.
“We believe that recent events in the securities markets contradict what we believe to be the near term outlook for our business and the customers we service, therefore our security represents an excellent investment,” said Lynn C. Fritz, chairman and chief executive officer.
The buy-back announcement follows a fall in the stock price of Fritz in recent weeks, from $11 in early February to $8.56 on March 6.