Neogen Board approves stock buyback

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Oct 10, 2018, 09:45 ET

LANSING, Mich., Oct. 10, 2018 /PRNewswire/ -- Neogen Corporation (NEOG) announced today that its Board of Directors has authorized the repurchase of up to three million shares of the company's common stock. The shares will be purchased in the open market or in negotiated transactions. There can be no assurance that any particular amount of shares will be purchased. Shares repurchased under the program will be retired.

The Neogen Board also rescinded a continuing authorization for stock repurchase that had first been approved in 2008.

Neogen Corporation (NASDAQ: NEOG) develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets dehydrated culture media and diagnostic test kits to detect foodborne bacteria, natural toxins, food allergens, drug residues, plant diseases and sanitation concerns. Neogen's Animal Safety Division is a leader in the development of animal genomics along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care and disinfectants.