Staples Inc. of Framingham said it would buy back up to $1.5 billion of its common stock.
The company’s board of directors authorized the repurchase plan Thursday. It replaces a previous buy back plan, under which the company bought back $1.2 billion as of June 13.
The new repurchase plan has no expiration date, and goes into effect during the present quarter.
Staples executives said the company expects “significant opportunities for growth,” and the stock repurchase plan allows the company to “return excess cash to shareholders.”
