Irvine-based AFG Industries moved quickly Monday to capitalize on the stock market crash by deciding to buy in up to 4 million shares of its common stock at what the company considers bargain prices.
The share-repurchase program, approved by AFG's board of directors Monday morning, was proposed by management as a result of the market debacle, according to Gary Miller, AFG vice president of finance.
AFG stock, which has traded as high as $31.50 a share during the last year, closed Monday at $21.875, down $3.875 for the day. At that price, it would cost the company about $88 million to buy in 4 million shares.
Miller said AFG did not buy any stock Monday but may begin buying as early as today.
"We'll be looking tomorrow," Miller said Monday night. "Our plans are to look as market conditions warrant and use our best judgment. . . . We'll be monitoring it very closely."