Vishay Precision Group, Inc. (NYSE:VPG) is seeking M&A. Ziv Shoshani, CEO and President said during the Fourth Quarter Fiscal 2022 Earnings Call, "Our capital allocation strategy, which is supported by our strong cash from operations and our solid balance sheet is focused on creating shareholders' value. On 3 priorities are: one, internal investment to support our organic growth; two, strategic M&A, and three, stock repurchase. In terms of internal investments, 2022 was another important year for us as we continue to streamline our manufacturing capability while expanding our ability to address new higher volume opportunities that will further accelerate our growth.

I've mentioned on previous earnings calls, our infrastructure projects for precision resistors and load cells, which follow the significant investments we have already made over the past several years. As we complete our current projects in 2023, we expect capital spending to return to a more historical levels of approximately 4% to 4.5% of revenue. Regarding M&A, we continue to look for attractive high-quality businesses that meet our stringent requirements for strategic fit, financial returns and value creation.

We are currently seeing more activity and more opportunities on the M&A front. And finally, regarding stock repurchase program we announced in August through the end of 2022, we repurchased approximately 2.7 million of our stock or about 85,213 shares.