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Wolverine Worldwide approves $200M share buyback
Rockford-based Wolverine Worldwide is planning to buy back up to $200 million of its shares.
The footwear maker said yesterday that its board of directors approved the share repurchase program, which replaces its 2010 program that just expired.
The share repurchases are authorized to be made over a four-year period, at times and amounts deemed appropriate by the company, based on factors such as price, market conditions and credit agreements.
Shares of Wolverine Worldwide (NYSE: WWW) closed at $27.63 yesterday and were up 2 percent early this afternoon. The stock’s 52-week high is $34.10.
The buyback program is "a clear indication of our confidence in the business and our desire to have maximum flexibility regarding future cash flow deployment," said Blake W. Krueger, Wolverine Worldwide chairman and chief executive officer.
"Our priorities for cash are focused on aggressively paying down debt, returning cash to our shareholders via a steady cash dividend and investing in key brand initiatives for organic growth," Krueger said. "Our business model delivers excellent financial results in a variety of economic climates and is very cash-flow generative."