Cummins announces new $1 billion stock repurchase program
January 2, 2013
Filed under News
Cummins Inc. (NYSE: CMI) today announced that the Board of Directors has authorized the Company to repurchase up to $1 billion in shares of common stock.
The program was approved as the Company 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 percent increase in the dividend announced in July," said Cummins Chairman and Chief Executive Officer 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."