Clorox To Buy Back Up To $2 Bln Of Shares - Quick Facts

(RTTNews) - Clorox Co. (CLX) said its board of directors has authorized the company to repurchase its stock in the open market for an aggregate purchase price of up to $2 billion.

Clorox noted that the stock repurchase program is designed to return value to its stockholders and is in addition to the company's evergreen repurchase program to reduce or eliminate dilution in connection with issuances of stock under its stock incentive plans. It will also replace Clorox's existing $750 million open market repurchase program.

"The company is initiating this stock repurchase program, which demonstrates our commitment to driving value for our stockholders while maintaining a strong balance sheet. Importantly, the program reflects our confidence in our 2020 Strategy and our continued ability to generate strong cash flows," said Chairman and CEO Benno Dorer.

Clorox noted that with this program, it expects to maintain a debt to EBITDA ratio within its targeted range of 2.0 to 2.5 times.

The company may make the share repurchases at its discretion from time to time on the open market depending on market conditions. The repurchase program has no time limit.