Lam Research Board OKs $10 Billion Buyback, Stock Split

By Dean Seal

The board of Lam Research has approved a $10 billion share repurchase authorization and a 10-for-1 split of its common stock later this year.

The chip-making equipment provider said Tuesday that the new stock buyback authorization will supplement the remaining balances of its prior authorizations, with no termination date set at this time.

The stock split will be effective after the market closes on Oct. 2.

Chief Financial Officer Doug Bettinger said the buyback plan is part of the company's strategy of returning 75% to 100% of free cash flow to stockholders. The split meanwhile allows more of the company's employee base to participate in stock plans, he said.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

05-21-24 0742ET