Illinois Tool Works Board Approves New $3 Billion Buyback

By Colin Kellaher

Illinois Tool Works Inc. on Friday said its board approved the repurchase of up to an additional $3 billion of common stock.

The Glenview, Ill., maker of industrial products and equipment said the buyback represents roughly 13 million shares based on Thursday's closing share price of $237.06.

Illinois Tool Works, which has about 316.5 million shares outstanding and sports a market capitalization of around $75 billion, said the $3 billion buyback it announced in August 2018 had about $1 billion remaining as of March 31.

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(END) Dow Jones Newswires

05-07-21 1103ET