Rockwell Collins expands share repurchase funding by $500 million
The Board of Directors of Rockwell Collins (NYSE: COL) has authorized the company to purchase an additional $500 million of Rockwell Collins common stock. With this announcement, the amount of share repurchases authorized by the company’s Board since the inception of the program in December 2001 now totals $2.5 billion.
“Over the past six years, we have enhanced shareowner value by deploying approximately two thirds of our operating cash flow for share repurchases,” said Rockwell Collins Senior Vice President and Chief Financial Officer Patrick Allen. “This additional authorization demonstrates the confidence we have in our ability to carry out our long-term growth initiatives and generate significant levels of operating cash flow. We expect this to enable us to continue executing on all elements of our capital deployment strategy, which includes strategic acquisitions and cash dividends in addition to share repurchases.” As of November 13, 2007, the company had repurchased a total of 44.5 million shares for $1.984 billion at an average price per share of $44.53.
The timing and total amount of share repurchases will depend upon market conditions and will be made in compliance with, and at such times as permitted by, federal securities law. The repurchases may be suspended or discontinued at any time.
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