ROUND ROCK, Texas, Dec. 4 (UPI) -- U.S. technology company Dell Inc. said Tuesday it would buy back $10 billion in common stock ahead of its annual stockholders meeting.
"Dell is committed to a long-term share-repurchase program as part of an overall capital allocation plan that supports growth and also returns value to shareholders," Chairman and Chief Executive Officer Michael Dell said in a statement.
Chief Financial Officer Don Carty said Dell had no time frame for the repurchase plan. He said the company had $15 billion in cash and generated another $1 billion a quarter that could be put toward the repurchase.
The Round Rock, Texas, company said in October after it filed past-due reports with the U.S. Securities and Exchange Commission it would resume stock repurchases soon.
The company has some $13 billion of cash on hand, The Wall Street Journal reported.
Dell also said the company intended to simplify information technology "by establishing clear priorities for growth in consumer, emerging countries, notebooks, small and medium business and the enterprise."
