Big Buyback For Cummins
Cummins announced that its board of directors has authorized the company to repurchase up to $1 billion in shares of its common stock. The new program was approved as Cummins approaches completion of an earlier $1 billion share repurchase program approved by the board in February 2011.
"The announcement of this new repurchase program reinforces our commitment to returning value to shareholders and follows a 25% 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."