BATESVILLE, Ind., July 24 /PRNewswire-FirstCall/ -- The board of directors for Hillenbrand, Inc. (NYSE: HI) has authorized the repurchase of up to $100 million of the company's outstanding common shares. Purchases will be made from time to time in the open market or in privately negotiated transactions, and will be funded from the company's available cash and cash flow.
"The board's decision to implement a share repurchase program for our new company reflects its confidence in the company's continued financial strength and in our future," said Kenneth A. Camp, president and CEO of Hillenbrand, Inc. "This buyback program, combined with our current annual dividend payout of more than $40 million, results in the return of a substantial amount of cash to Hillenbrand, Inc. shareholders. As we finalize our plans for fiscal 2009 later this year, we anticipate sharing strategic initiatives focused on creating added shareholder value."
The amount of repurchase activity will depend on a variety of factors, such as the level of cash generated from operations, cash requirements of the company's businesses, repayment of debt, current stock market price, self-imposed blackout periods, corporate and regulatory requirements, and market conditions. The repurchase program may be modified or terminated by the board of directors at any time.
ABOUT HILLENBRAND, INC.
Hillenbrand, Inc. ( http://www.HillenbrandInc.com ) is the holding company for Batesville Casket Company, a leader in the North American death care industry through the sale of funeral services products, including burial caskets, cremation caskets, containers and urns, selection room display fixturing and other personalization and memorialization products.
|SOURCE Hillenbrand, Inc.|
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