Rohm and Haas completes $1 bn Accelerated Share Repurchase
12 Jun '08
1 min read
Rohm and Haas Company announced that it has completed its Accelerated Share Repurchase program announced on September 10, 2007. The company completed the program on June 9, retiring an additional 3.1 million shares.
"The primary goal of our Vision 2010 strategy is to deliver higher shareholder returns," commented Raj L. Gupta, chairman and chief executive officer. "By completing the $1 billion accelerated share repurchase program, we are increasing shareholder value with a balanced use of our cash flow."
Over the course of the program, a total of 19.3 million shares were retired at an average price of $51.56, representing 9 percent of shares outstanding when the program was executed.
The company expects shares outstanding of 193 million at June 30, 2008. With the completion of this program, the company has repurchased nearly 18 percent of its outstanding shares since December 31, 2004.
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