Paccar Plans Stock Buyback, Will Boost DAF Production 5%

Truck maker Paccar Inc. said it will buy back an additional $300 million in stock and begin a 5% production increase at its Dutch unit in September, Bloomberg reported.

The increased output at European unit DAF Trucks is aimed at meeting European demand, Paccar said.

Paccar’s repurchase program follows a plan now being completed for a similar amount. The company had about 365 million shares outstanding as of March 31, and the buyback would cover about 6.4 million shares, or 1.8%, of the outstanding stock, Bloomberg reported.

Paccar is the parent company of U.S. units Kenworth Truck Co. and Peterbilt Motors Co.