Air Products has completed its current $1bn share repurchase program. The North American firm has also publicised a new $1bn share repurchase program.
Air Products completed the $1bn share repurchase program with the repurchase of $299m shares of stock this quarter. Overall, for the year, Air Products has repurchased $649 million of stock.
Air Products Board of Directors also authorised a new $1bn share repurchase program. According to the company, The Board action will allow the company the flexibility to repurchase shares at its discretion, while maintaining sufficient funds for investing in growth opportunities.
John McGlade, Chairman, President and CEO of Air Products commented on the move, “The latest share repurchase authorisation reflects Air Products’ financial strength and shareholder focus. Our first priority remains to invest in the attractive growth opportunities that support our 2015 goals.”
McGlade continued, “We are fortunate that our strong financial position also allows us to reward shareholders through share repurchases and 29 consecutive years of dividend increases. We remain focused on maximizing returns for our shareholders while maintaining our strong credit rating.”