Cummins
Incorporated’s board of directors has authorised the company to repurchase up to US$1 billion in shares of common stock.
The programme was approved as the company approaches completion of its current $1 billion share repurchase programme that was approved by the board in February 2011.
“The announcement of this new repurchase programme 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.”
