Cummins OKs $1 Billion Repurchase Program
Cummins Inc. announced that its board has authorized the company to repurchase up to $1 billion in shares of common stock.
According to a press release, the program was approved as the engine maker approaches completion of its current $1 billion share repurchase program approved by the board in February 2011.
“The announcement of this new repurchase program reinforces our commitment to returning value to shareholders and follows a 25% increase in the dividend announced in July,” said Cummins Chairman and CEO Tom Linebarger. “We continue to have confidence in the company’s future performance and our strong balance sheet allows us the flexibility to fund future growth and to continue to reward shareholders.”