ITW Board of Directors Authorize New $4 Billion Share Repurchase Program
GLENVIEW, Ill., May 6, 2011 /PRNewswire/ -- Illinois Tool Works Inc. (NYSE: ITW) today announced that its board of directors approved a new share repurchase program that authorizes management to buy back up to $4 billion of the company's common stock over an open-ended period of time. The full authorization represents approximately 70 million shares based on the company's closing share price on May 5, 2011.
The company's existing share repurchase authorization of $3.0 billion was announced in August of 2007 and has approximately $870 million remaining in that program.
"With a history of strong free operating cash flow, ITW is committed to building value for shareholders through our disciplined acquisition program, a strong dividend payout and share repurchases," said David B. Speer, chairman and chief executive officer. "We believe this new share repurchase program gives us the ongoing flexibility to effectively allocate free cash while maintaining a strong balance sheet."
With nearly 100 years of history, Illinois Tool Works Inc. is a Fortune 200 global diversified industrial manufacturer. The Company's value-added consumables, equipment and service businesses serve customers in developed as well as emerging markets around the globe. ITW's key business platforms, including welding, automotive OEM, industrial packaging, food equipment, construction, polymers and fluids, test and measurement, electronics, decorative surfaces and automotive aftermarket, employ more than 60,000 people worldwide. ITW's revenues totaled $15.8 billion in 2010, with more than half of these revenues generated outside of the United States.
SOURCE Illinois Tool Works Inc.
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