Three more Orange County companies--Cimco, Eeco and Gradco Systems--decided Thursday to join a growing group of firms that are buying back their own shares in response to this week's record-setting stock market decline.
Cimco, a Costa Mesa-based manufacturer of thermoplastic products, said its board voted to purchase an unspecified number of shares for its employee stock ownership plan to take advantage of the lower prices resulting from the stock market crash. Cimco stock closed Thursday at $9.75 per share, down $1.50 from Wednesday.
Gradco's board authorized buying back up to 15% of its 6 million shares outstanding from time to time, either in the open market or in privately negotiated transactions. Gradco, based in Irvine, is a supplier of paper feeders and sorters to the computer printer and copier industry. Gradco stock dropped 12.5 cents Thursday to close at $6.50 per share.
Eeco said its employee pension fund might, from time to time, purchase shares of the company's stock. No amount was specified. Eeco, headquartered in Santa Ana, is a manufacturer of electronic switches and keyboards, computer systems and videotape editing systems. Its stock fell 25 cents to $13.625 per share Thursday.
Other county companies that previously announced buy-back plans this week are Carl Karcher Enterprises, AFG Industries, and Fidelity National Financial.