Kalamazoo, Michigan - March 3, 2015- Stryker Corporation (SYK) announced today that its Board of Directors has authorized a new $2 billion share repurchase program. The program is in addition to $583 million of existing authorization remaining under the Company`s current share repurchase programs, bringing the Company`s total share repurchase authorization to $2.583 billion.
"We remain committed to pursuing a capital allocation strategy that includes acquisitions, dividends and share repurchases," said Kevin A. Lobo, Chairman and Chief Executive Officer. "While M&A activity across the breadth of our product and service offerings will remain the primary focus of our long-term growth strategy, this new authorization recognizes that the strength of our balance sheet is sufficient to enable more significant share repurchases. We believe that efficiently deploying our balance sheet will enable growth in sales and earnings and maximize shareholder returns."
The share repurchases will occur at such times and prices as the Company determines and may be effected through transactions in the open market, privately negotiated transactions, accelerated share repurchase programs or otherwise.
This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to the Rejuvenate and ABG II matter; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; changes in the competitive environment; our ability to integrate acquisitions; and our ability to realize anticipated cost savings as a result of workforce reductions and other restructuring activities. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Stryker is one of the world`s leading medical technology companies and together with our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative medical technologies, including reconstructive, medical and surgical, and neurotechnology and spine products to help people lead more active and more satisfying lives. Stryker products and services are available in over 100 countries around the world. Please contact us for more information at www.stryker.com.
For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or email@example.com
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Source: Stryker Corporation via GlobeNewswire