Flextronics To Boost Buyback To 20% Of Shares Outstanding

Flextronics International Ltd FLEX obtained shareholder approval to buy back up to 20 percent of its shares for up to $500 million, the company said Tuesday.

The San Jose company, which provides supply chain services to the electronics industry, said it has purchased $1.7 billion of stock, or 247 million shares, in the last four years.

The company has about 588.2 million shares outstanding and traded after hours at $11.50 a share, up 3.6 percent.