Alliant Techsystems board OKs buyback of 5M shares

MINNEAPOLIS - Alliant Techsystems Inc., which makes ammunition, propulsion systems and aerospace supplies, on Thursday said its board approved the repurchase of up to five million shares of the company's common stock. The buyback will be used to offset dilution from the company's employee and director benefit compensation program, but it may also be used for corporate and other purposes, Alliant Techsystems said. The buyback represents about 15 percent of Alliant Techsystems' 32.9 million shares outstanding as of... [read full story]