Wolverine Worldwide approves $300M share buyback
Wolverine Worldwide is planning to buy back up to $300 million of its shares.
Rockford-based Wolverine Worldwide (NYSE: WWW), a maker of footwear and apparel, said today that its board of directors approved a new four-year share re-purchase program.
The decision authorizes the share re-purchases and "replacing the remaining balance" of the company's 2014 share re-purchase program.
The company will re-purchase shares as deemed appropriate, based on factors such as price, market conditions and any restrictions contained within the company's credit agreements.
Blake Krueger, Wolverine's chairman, CEO and president, said the Wolverine team is “steadfastly focused on driving the global growth of our brands and improving bottom-line performance.”
He said Wolverine has a long history of returning value to shareholders through “share re-purchases and consistent dividend payments.”
“Today's announcement is further evidence of our confidence in the business, our key initiatives and our ability to achieve maximum flexibility with regard to capital allocation,” Krueger said.