The board of directors of Milwaukee-based Rockwell Automation Inc. today authorized the company to expend up to an additional $1 billion to repurchase shares of the company’s common stock.
This is in addition to the authorization on Nov. 7, 2007, to repurchase $1 billion worth of common stock, of which approximately $51 million was remaining as of June 7, 2012.
The Rockwell board also declared an 11 percent increase in the company’s quarterly dividend to 47 cents per share on common stock, payable on Sept. 10, 2012, to shareowners of record at the close of business on Aug. 13, 2012.
“The $1 billion for common stock repurchases as well as the 11 percent dividend increase reflect our solid financial position and our confidence in Rockwell Automation’s sustainable cash generation throughout business cycles. We remain committed to delivering shareowner value by investing in high-return growth opportunities and appropriately returning cash to shareowners,” said Keith Nosbusch, chairman and chief executive officer of Rockwell.
