The company's board of directors has approved a $3 billion increase in its share repurchase program, which now totals $3.65 billion. To date in fiscal 2014, Johnson Controls has spent approximately $400 million on repurchases. In addition, the company is announcing an $800 million accelerated stock repurchase (ASR) agreement with Goldman, Sachs and Co. that will be funded in November 2013. The remainder of the repurchase program is expected to be utilized in fiscal 2015 and 2016.
In implementing the program, the company said the repurchases may be made through a variety of methods, which could include negotiated block transactions, accelerated share repurchase transactions or open market purchases. The stock repurchase program does not have an expiration date and may be amended or terminated by the board of directors at any time without prior notice.
Additionally, the Johnson Controls board of directors increased the regular quarterly dividend to $0.22 per share of common stock, an increase of 16 percent. The newly increased quarterly dividend will be paid on Jan. 6, 2014 to shareholders of record as of the close of business on Dec. 16, 2013. Johnson Controls has increased its dividend in 33 of the past 35 years and has paid a consecutive dividend since 1887.
"Our operational execution continues to improve in a market environment that has stabilized, giving us increased confidence in our outlook for record results in fiscal 2014 and beyond," said Alex Molinaroli, chief executive officer of Johnson Controls. "We have a strong balance sheet and are committed to disciplined capital allocation, giving us the capacity to continue investing in our businesses while meaningfully increasing the cash we return to our shareholders."
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