GLENVIEW, Ill. -- Illinois Tool Works Inc. (ITW) has 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.

The company's existing share repurchase authorization of $3 billion was announced in August 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 Speer, chairman and CEO. "We believe this new share repurchase program gives us the ongoing flexibility to effectively allocate free cash while maintaining a strong balance sheet."