Mead Johnson Reveals $500 Mln. Share Buyback - Quick Facts

(RTTNews) - Mead Johnson Nutrition Co. (MJN) said Wednesday its board approved a new share repurchase authorization of up to $500 million of its common stock. This new program is in addition to about $9.7 million that currently remains under the previous $300 million share repurchase authorization approved in March 2010.

The company said the repurchase program is intended to offset the dilutive impact on earnings from equity-based compensation and allow for opportunistic stock purchases to return capital to shareholders.

"This new authority established by the board reflects confidence in the company's future - both in terms of business prospects and ability to generate strong cash flow," stated Jim Cornelius, Chairman of the Mead Johnson Board.