August 9, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Preformed Line Products Co. (NASDAQ: PLPC) said that its board of directors authorized the company to repurchase up to 250,000 common shares, $2 par value per share, or around 5% of the company's outstanding common shares.

Under the repurchase program, which does not have a stated expiration date, the company has authority to repurchase common shares through the open market, block purchases, or in negotiated private transactions on an ongoing basis.

The company’s board said it believes that because the company's shares are trading below book value, the repurchase program will enhance shareholder value by improving Preformed’s return on equity and earnings per share.

Preformed said that the repurchases will have no effect on metrics used in the company's executive compensation plans.

Ohio-based Preformed Line Products is a designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies.

The firm operates three domestic manufacturing centers located in Rogers, Arkansas, Albuquerque, New Mexico, and Albemarle, North Carolina.

Preformed serves its worldwide market through international operations in Australia, Brazil, Canada, China, England, Indonesia, Malaysia, Mexico, New Zealand, Poland, South Africa, Spain and Thailand.

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