Newell Brands Inc. announced that the company’s board of directors has approved an expansion to the company’s stock repurchase authorization.
Under the expansion, the company is authorized to expend $2.5 billion for repurchase of its outstanding shares through December 31, 2019. This authorization is incremental to the approximately $1.1 billion remaining under its previously announced authorization, which has been amended by the board, so it now also expires on December 31, 2019. The total share repurchase authorization is now approximately $3.6 billion.
The company continues to anticipate after-tax proceeds of approximately $10 billion from asset divestitures planned as part of the company’s Accelerated Transformation Plan. Proceeds will be applied to deleveraging and share repurchase.
Newell Brands’ portfolio of brands includes Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Jostens, Marmot, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert and Yankee Candle.
