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ITW Board of Directors Authorize New $4B Share Repurchase Program

By Insider Scoop
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Courtesy of Benzinga

Illinois Tool Works Inc. (NYSE: ITW) today announced that its board of directors approved a new share repurchase program that authorizes management to buy back up to $4 billion of the company’s common stock over an open-ended period of time. The full authorization represents approximately 70 million shares based on the company’s closing share price on May 5, 2011.

The company’s existing share repurchase authorization of $3.0 billion was announced in August of 2007 and has approximately $870 million remaining in that program.

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