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Graco Oks repurchase of up to 6 million shares

MINNEAPOLIS (AP) -- Graco's board has approved the repurchase of up to 6 million shares of its common stock.

The company, which makes fluid and lubrication systems for industrial and commercial use, said Friday that it currently has about 3.9 million shares available under its current repurchase program that is set to expire on Sept. 30.

The new buyback will expire on Sept. 30, 2015.

Graco Inc. currently has about 60.5 million outstanding shares.

The Minneapolis company also declared a quarterly dividend of 22.5 cents per share. The dividend will be paid on Nov. 7 to shareholders of record on Oct. 22.

Shares of Graco gained 49 cents to $52.23 in afternoon trading. Its shares are down 8 percent from a 52-week high of $56.66 on April 19. They are up from a low of $32.01 in nearly October.