The board of directors for electronic components distributor Arrow Electronics Inc. (NYSE: ARW) approved a plan to buy up to an additional $600 million of common stock through a share repurchase program.

Since the fourth quarter of 2016, the company has repurchased approximately $2 billion worth of shares.’’

“Our growth, profitability, and the effective management of our working capital and balance sheet, afford us the ability to return significant cash to shareholders through share repurchases,” said Michael J. Long, chairman, president and CEO. “We have reduced shares outstanding by approximately 21 percent over the last five years.”

Arrow says the plan will allow the company to continue repurchasing shares of its common stock as market and business conditions warrant. The program can be terminated at any time.

“The company may enter into Rule 10b5-1 plans to facilitate repurchases under the program, the company said. “A Rule 10b5-1 plan would generally permit the company to repurchase shares at times when it might otherwise be prevented from doing so under certain securities laws.”

Arrow had 2021 third-quarter sales of more than $8.5 billion, an 18% increase over the same period in 2020.