Reece lifts on-market buyback to $85M

Reece (ASX:REH) has announced a $50 million increase to its on-market share buyback, lifting the total target to $85 million.

Chairman and chief executive Peter Wilson said the board approved the increase following the buyback announcement on No. 27, citing the company's disciplined approach to capital management and its commitment to delivering shareholder value while maintaining a strong balance sheet and conservative leverage.

The buyback will be funded from existing cash reserves and debt facilities.

The on-market buyback began on Dec. 12, and may continue for up to 12 months, with the number and timing of share purchases subject to market conditions, share price movements and other relevant factors.

At the time of reporting, Reece's share price was $13.06.