Newell Rubbermaid (NYSE:NWL) revealed on Friday a $300 million stock buyback program as it seeks to return value to shareholders.
The Atlanta-based operator of consumer brands such as Rubbermaid, Goody, Sharpie, Paper Mate and Dymo said the repurchase program is authorized to run through August 2014.
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Todays Board action affirms our confidence in Newell Rubbermaids strategic agenda as well as the companys ability to generate strong free cash flow, the companys chief executive, Michael Polk, said in a statement. We are committed to investing in strategic initiatives to accelerate core sales growth and to reducing our outstanding debt.
Shares will be bought back through a combination of an automatic trading plan and discretionary purchases. The amount and timing will depend on market conditions.