U.S. technology company Dell Inc. said it would buy back $10 billion in common stock ahead of its annual stockholders meeting Tuesday.

"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.

He said the buybacks would start this week.

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."  // Copyright 2007 by United Press International