Baton Rouge-based specialty chemicals maker Albemarle Corp. has expanded the company’s stock repurchase program to up to 5 million shares.

Albemarle bought back 3 million shares from investors during the third quarter, reducing the company’s outstanding shares to 88.8 million as of Sept. 30.

Albemarle’s strong balance sheet allowed the company to repurchase the 3 million shares and to expand the buy-back program, President and Chief Executive Officer Luke Kissam said in a news release.

Albemarle’s stock closed Wednesday at $47.44 per share.