Hub Group Announces $75 Million Stock Buyback

Logistics firm Hub Group, Downer’s Grove, Ill., said Thursday it has authorized a $75 million stock buyback.

The repurchase program is in addition to an existing $75 million buyback initiative that has about $5 million remaining, the company said Thursday in a statement.

Separately, Douglas Stotlar, chief executive officer of Con-way Inc., the parent of less-than-truckload carrier Con-way Freight, said that his company would not buy back any shares in 2008, but would instead focus on reducing debt, Bloomberg News reported.

Con-way, San Mateo, Calif., reported $532 million in long-term debt in the third quarter of 2007, in addition to a $425 million loan that helped fund Con-way’s acquisition of truckload carrier Contract Freighters Inc. earlier this year, Bloomberg said.