Home / Knowledge / News / Textiles / Johnson Controls accelerates share repurchase program
Johnson Controls accelerates share repurchase program
21
Nov '13
Johnson Controls, a global multi-industrial company with core businesses in the building and automotive industries, announced a multi-year share repurchase program and an increase in its quarterly dividend, reflecting the company's strong financial position and confidence in its long-term business prospects.

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."  

Johnson Controls


Must ReadView All

Pic: Shutterstock

Textiles | On 22nd Oct 2021

China's coal output rises to meet energy shortfalls amid govt measures

China's coal supply has showed signs of picking up with daily...

Pic: Shutterstock

Textiles | On 22nd Oct 2021

Indonesia, China begin feasibility study on coal-to-methanol unit

Indonesia and China recently signed an MoU to conduct a feasibility...

Pic: Shutterstock/TY Lim

Fashion | On 22nd Oct 2021

Balenciaga ranked hottest brand in The Lyst Index Q3 2021

Paris-based luxury fashion house Balenciaga was ranked the hottest...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Erwin Devloo,

Erwin Devloo

The Picanol Group is a diversified industrial group active worldwide in...

Abdullah Mohammad Saad Hossain,

Abdullah Mohammad Saad Hossain

Saad Group is a leading vertically integrated textile group in Bangladesh. ...

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Anju Modi, Label Anju Modi

Anju Modi
Label Anju Modi

Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search