26 octobre, 2006 16:06

Dow Chemical OKs $2 Billion Buyback

Dow Chemical Co., the nation's top chemical company and second-largest worldwide, said Thursday its board of directors approved a new $2 billion share buyback program.

The program will begin once the current repurchase authorization - announced in July 2005 and now over 70 percent complete - is concluded.

"Our solid financial position allows us to undertake this program, while retaining the financial flexibility necessary to invest in our growth strategy, whether through new capital projects or by pursuing appropriate M&A opportunities," said Andrew Liveris, Dow's chairman and chief executive officer.

Shares closed Wednesday at $40.15 on the NYSE. The company currently has about 959.3 million common shares outstanding.