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Home Industry News Stryker launches accelerated share repurchase scheme

Stryker launches accelerated share repurchase scheme

6th March 2013

Stryker has announced an accelerated share repurchase (ASR) agreement that will see the medical technology firm buying back $250 million (166.09 million pounds) in common stock.

Coming as part of the firm's existing share repurchase authorisation – which was increased by the board of directors to $1.0 billion in December 2012 – Stryker will receive approximately 3.6 million shares at the inception of the ASR.

It will will be funded through existing cash on hand and is set to reduce the company's existing share repurchase authorisation to approximately $750 million upon final settlement.

According to Kevin Lobo, president and chief executive officer of Stryker, this comes as part of a capital allocation strategy encompassing acquisitions, dividends and share repurchases.

He explained: "This accelerated share repurchase is consistent with this strategy, which prioritises acquisitions for sales growth while simultaneously returning capital to shareholders."

This comes in the same month that Stryker announced the completion of its takeover of Trauson Holdings Company Limited, the leading trauma manufacturer in China.ADNFCR-8000103-ID-801552143-ADNFCR

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