|By PR Newswire||
|January 28, 2014 06:01 AM EST||
WILMINGTON, Del., Jan. 28, 2014 /PRNewswire/ -- DuPont today announced that its Board of Directors authorized a new $5 billion share repurchase program of the company's common stock. This program replaces the existing repurchase program. The company expects to repurchase $2 billion in 2014 with the remainder to be repurchased over time with no required completion date.
"This $5 billion share repurchase program reflects our commitment to shareholders and our confidence in building a higher growth, higher value company," said DuPont Chair and CEO Ellen Kullman. "Given our cash position, strong balance sheet and outlook, this program is a measured way to maintain ample financial capability, reinvest in our science-based businesses for growth, and deliver attractive cash returns to our shareholders."
Since 2008, DuPont's dividend and share repurchases have returned more cash to shareholders as a percentage of market capital than the average of its peers and the S&P 500.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.
Forward-Looking Statements: This news release contains forward-looking statements which may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "estimates" or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the company's growth strategy, product development, regulatory approval, market position, anticipated benefits of acquisitions, outcome of contingencies, such as litigation and environmental matters, expenditures and financial results, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company's control. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, weather events and natural disasters; inability to protect and enforce the company's intellectual property rights; integration of acquired businesses and completion of divestitures of underperforming or non-strategic assets or businesses and successful completion of the proposed spinoff of the Performance Chemicals segment including ability to fully realize the expected benefits of the proposed spinoff. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
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