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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Steelcase to Buy Back Up to $60 Million of Its Shares

Monday 28 January 2008

Steelcase to Buy Back Up to $60 Million of Its Steelcase Inc., said on Monday that it has authorised a broker to repurchase up to $60 million of its shares through June 29.

The authorisation is part of its previously announced stock repurchase program.

In June, the company expanded its stock repurchase authorisation by $100 million when just $17.5 million remained under the company\'s buyback plan.

The company revealed its latest repurchase in a Securities and Exchange Commission filing. It has about 141.9 million diluted shares outstanding.

Steelcase shares rose 24 cents to $13.41 in midday trading after touching a 52-week low of $12.86 earlier. The stock had traded in a 52-week range of $13.08 to $20.72.

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