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Rentech approves $25M stock repurchase

LOS ANGELES (AP) -- Clean energy firm Rentech Inc. said Monday that it plans to buy back up to $25 million in company stock through the end of 2013.

Rentech said the repurchase will not start until after the company reports its first-quarter results. It is scheduled to make that report May 9.

The company said it's planning to buy back stock because it expects long-term profit growth and wants to create value for shareholders.

Rentech had 225.8 million shares on the market as of Feb. 28.

Its shares have traded between $1.60 and $3.18 in the last year and closed at $2.18 on Friday.