Whirlpool approves $1B share buyback
Whirlpool is demonstrating "confidence" in its "long-term plans" through a $1-billlion share re-purchase program, as well as an increase to its quarterly dividend.
Benton Harbor-based Whirlpool, a global appliance maker, said yesterday that its board of directors authorized the share re-purchase program.
The board of directors also approved an 11-percent increase in the quarterly dividend on the company's common stock to one dollar per share from 90 cents per share.
The dividend is payable June 15 to stockholders of record at the close of business on May 20.
Jeff Fettig, chairman and CEO of Whirlpool, said the company is executing its “balanced capital-allocation strategy” to “enhance returns” to shareholders.
"Our new share re-purchase program and increased dividend demonstrate our confidence that our long-term plans will create value through our industry-leading brands and innovative new products,” Fettig said.