Syncor to Repurchase Up to 500,000 Shares of Stock

Syncor International, a Chatsworth provider of specialized pharmaceuticals, said it plans to buy back up to 500,000 of its common shares in periodic open-market purchases.

The buyback represents about 4.8% of Syncor’s 10.5 million total common shares outstanding. The stock closed Monday at $4.75 in over-the-counter trading; at that price, the buyback would cost Syncor $2.4 million.

The stock’s present “attractive” price and Syncor’s “strong cash position” enable the company to “decrease the number of shares outstanding without adversely affecting our balance sheet,” chairman Monty Fu said.