GLENVIEW, Ill. – The board of directors for Illinois Tool Works Inc. has approved a new share repurchase program that authorizes management to buy back up to $6 billion of the company’s common stock over an open-ended period of time. The full authorization represents approximately 81 million shares based on ITW’s closing share price on Aug. 1.
The company’s existing share repurchase authorization of $4 billion was announced in May 2011 and has approximately $1.2 billion remaining in that program as of June 30.
"As part of our enterprise strategy, the company is strongly committed to capital allocation priorities that emphasize both organic investments as well as the return of free operating cash flow to investors," said E. Scott Santi, president and CEO. "We will continue to focus on a strong dividend and external investments such as share repurchases and selective acquisitions."
