Praxair authorizes share repurchase program for up to US$1.5B of its common stock; company says move reflects its strong balance sheet, free-cash-flow generation
January 25, 2012
– The board of directors of Praxair, Inc. (NYSE: PX) has authorized a new share repurchase program for up to $1.5 billion of its common stock, reflecting the company’s strong balance sheet and free-cash-flow generation.
“This new program reflects the board’s confidence in Praxair’s continuing ability to generate steady earnings growth and cash flow around the world over the next several years”
Repurchases may take place from time to time on the open market which may include the use of 10b5-1 trading plans or through negotiated transactions, subject to market and business conditions. The repurchases will be financed by available cash and debt. The current $1.5 billion repurchase program in effect since July 2010 has been substantially completed.
“This new program reflects the board’s confidence in Praxair’s continuing ability to generate steady earnings growth and cash flow around the world over the next several years,” said Chairman and CEO Steve Angel.
The board of directors also has declared a 10% increase in Praxair’s quarterly dividend to 55 cents per share, payable on March 15, 2012 to common shareholders of record on March 7, 2012. This is the 19th consecutive annual increase in Praxair’s dividend.
The company will hold a teleconference to discuss fourth-quarter results this morning, January 25, at 11:00 a.m. Eastern Time, and may provide additional information regarding the share repurchase program. The number is (617) 847-8706 -- Passcode: 48944786. The call also is available as a web cast at www.praxair.com/investors.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2011 sales of $11 billion. Praxair’s products, services and technologies are making the planet more productive by bringing efficiency and environmental benefits to a wide range of industries. More information on Praxair is available on the Internet at www.praxair.com.
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