Stryker announces share repurchase scheme

Stryker has announced its board of directors has authorised the repurchase up to an extra $250 million (155 million pounds) of its common stock.

The company explains this follows the completion of the previously announced $750 million share repurchase scheme, which Stryker notes was completed in the first week of October.

Under the terms of the deal, the firm notes it purchased 11.6 million shares of common stock.

Stryker states acquisitions made under the newly-authorised program may be made occasionally in the open market, in privately negotiated transactions or otherwise.

“The manner, timing and amount of any purchases will be determined by the company’s management based on their evaluation of market conditions, stock price and other factors,” it adds.

Stryker notes it had a total of 403.7 million shares in common stock outstanding as of September 30th, 2008.

In recent days, Stryker announced its operating results for the quarter ended September 30th, noting an increase in net sales of 13.7 per cent (12 per cent constant currency) to $1,653 million, as well as a rise in net earnings from continuing operations if 19.7 per cent to $274 million.